On Tuesday, Ford (F) released its Q1 earnings report, which exceeded Wall Street’s revenue and earnings expectations. The automaker also broke down its earnings by business segments for the first time, revealing that its Model e EV business unit reported losses of over $700 million in Q1. However, Ford’s revenue for the quarter was $41.5 billion, up 20% from last year and higher than the expected $36.1 billion. Ford also reported earnings per share of $0.63, beating the expected $0.41.
Ford’s business breakdown indicates a deep loss in its Model e unit, though it is expected to improve by year-end. The automaker expects to have electric vehicle production run rates of 600,000 units by the end of 2023 and 2 million by the end of 2026. Despite the positive report, Ford stock was down about 1% in after-hours trading.