Detroit, Michigan – Ford Motor Company held its Q1 2024 Earnings Call on April 24, 2024, with an impressive lineup of executives including Lynn Antipas Tyson, Jim Farley, and John Lawler. The call featured discussions on various topics ranging from non-GAAP references to forward-looking statements about the company’s expectations for the year. The focus was on the company’s resilience, growth, and profitability, especially in key areas such as Ford Pro, quality improvements, and the electrification journey.

Jim Farley, the President and CEO of Ford, highlighted the company’s Ford+ plan, which aims to create a more resilient business model with higher growth, higher margin, and more capital efficiency. Farley emphasized the positive green shoots observed in quarter one, setting the company up for a strong 2024 and beyond. Key strategic areas such as growth drivers diversification, quality progress, and the performance of Ford Pro were discussed in detail during the call.

Ford’s growth drivers are diversifying with the addition of a vibrant software and physical services business led by Ford Pro. The company showcased its commitment to quality improvement, especially in vehicle launches like the Super Duty and F-150, resulting in fewer recalls and lower warranty costs. Ford Pro, the commercial arm of the business, demonstrated remarkable growth in revenue, EBIT, and EBIT margin, reflecting the diversification and completeness of its software and physical services experiences for customers.

In terms of electrification, Ford is focusing on the commercial work vehicles market where it can innovate and excel. The company is also making strides in developing a new small, affordable EV platform to cater to mainstream EV adopters. Farley emphasized the importance of choice in the market, pointing out the growth in hybrids and Ford’s competitive advantage in this segment.

Overall, Ford remains committed to its Ford+ strategy, aiming to transform into a higher-growth, higher-margin, more capital-efficient, and more resilient business. The company’s outlook for 2024 remains positive, with expectations of record company adjusted EBIT and improved adjusted free cash flow. Capital discipline, growth opportunities, and improvements in quality and cost are the key focus areas for Ford moving forward.