Ford to Unveil New F-150 in September; Model-e Losses Mount in 2Q

• For now, and perhaps until the all-electric Model-e unit becomes profitable, Ford’s main business is as a commercial truck maker. (Current 2023 F-150 Rattler is pictured above.)

• Ford plans to expand its EV business with more models in the mold of Mustang Mach-e and F-150 Lightning—distinctive, niche models rather than mass-market volume.

• “I’m so glad we didn’t bet the farm on two-row crossovers (EVs), as so many have,” Farley said.

Ford will unveil its next F-150 and F-150 hybrid at the North American International Detroit Auto Show this September, CEO Jim Farley told Wall Street analysts during the automaker’s second-quarter earnings call. The debuts will come a year after the seventh-generation Mustang was revealed.

The F-150 and Mustang both are part of Ford Blue, the “legacy” arm of the company’s trifurcated business units, which includes SUVs and everything from the Lincoln division—the remaining internal-combustion-powered passenger vehicles. Ford Blue’s earnings before income taxes (EBIT) came in a tick lower than the Ford Pro unit, which includes Transit vans and F-Series Super Duty commercial trucks.

For the second quarter, Pro’s EBIT was $2.4 billion, up 22% year-over-year, from revenues of $15.6 billion, compared to Blue’s EBIT of $2.3 billion, up 5%, off revenues of $25 billion.

Blue’s EBIT is still ahead for the full first half-year, at $4.9 billion from $50.1 billion in revenues, to Pro’s $3.8 billion off revenues of $28.8 billion.

For now, and perhaps until the all-electric Model-e unit becomes profitable, Ford’s main business is as a commercial truck maker. Farley credits its Tesla-esque paid digital subscription services for boosting Pro’s earnings. The company has sold about 550,000 such paid subscriptions, Farley said, with Pro vehicles accounting for 80% of that.