Ford Motor Company reported strong financial results for the third quarter of 2024, with reported revenue of $46.20 billion, marking a 5% year-over-year increase. This success was driven primarily by robust truck sales and effective cost management strategies aimed at optimizing product mix, despite challenges presented by rising warranty expenses and competitive pricing pressures in the EV segment. Management highlighted key advancements in Ford's transition towards electric vehicles, production efficiencies, and improved service offerings through Ford Pro, which are critical to sustaining growth in a competitive marketplace.
Jim Farley, Ford's President and CEO, emphasized the company's strategic focus on cost reductions in their EV operations and the expected benefits of utilizing new battery technologies. This quarter marks the 10th consecutive quarter of revenue growth for Ford, reinforcing the effectiveness of their Ford+ strategy to streamline operations and enhance profitability, despite external headwinds.