Ford reported its first quarter 2023 earnings Tuesday after the bell, and it marks the first time the legacy automaker will break down earnings by its three new business units: Ford Blue for the iconic gas and hybrid vehicles, Ford Model e for electric vehicles, and Ford Pro for commercial products and services.
The automaker reported revenue of $41.5 billion, storming past Wall Street’s expectations of $36 billion, and showing a 20% improvement over the same period last year. Despite Ford’s push to electrify its fleet, that beat was largely driven by commercial and gas-powered vehicle sales.
Ford’s net income on a GAAP basis was $1.8 billion, compared to a $2 billion net loss in the 2022 period due to a $7.3...
