US carmaker Ford Motor Company expects its Q2 earnings to be “significantly” better than forecasted as bookings surged, despite the chip shortage, leading to a growth in deliveries.
At the Global Auto Industry Conference held by Deutsche Bank on Thursday, Ford’s president and chief executive officer, Jim Farley, said that the company has seen favorable market conditions in the past quarter and lower-than-expected input costs, barring the shortage of semiconductor chips. In its Q1 earnings, Ford predicted a net income of $5.5-6.5bn for the full year 2021 after adjusting for losses from the chip shortage.
In Q2, Ford disclosed that bookings for the new Bronco SUV surged to 190,000 units, with 125,000 units delivered. It has also received orders for the new F-150 Lightning EV and Maverick compact pickup truck at 100,000 and 36,000 units respectively.