Ford has reported its performance for the second quarter of 2022. The company generated $667 million on top of $40.2 billion in revenue.
The profit was 19 percent better year-on-year, and it comes after Ford increased production following a critical microchip shortage. Ford enjoyed a 35 percent increment in wholesale shipment.
Adjusted earnings before interest and taxes grew more than 300 percent, to $3.7 billion. The adjusted profit rose 9.3 percent. Most of Ford’s profit came from the North American market, where it pulled in $3.3 billion. However, the carmaker lost $121 million in China thanks to pandemic restrictions preventing vehicle shipments.
While Ford’s shareholders are happy over the company’s performance, Ford faces multiple lawsuits over a battery problem with the Mustang Mach-E.
In response to the sound financial report, Ford shares gained 5.3 percent, at $13.90.
In a sign that the chip shortage is abating, Ford’s CFO reported that the company has about 18,000 vehicles waiting for chips, significantly down from 53,000 last quarter.
“We’re moving with purpose and speed into the most promising period for growth in Ford’s history – to innovate and deliver great products and connected services, raise quality and lower costs,” CEO Jim Farley said in a statement. “We’re giving customers great experiences and value, improving our profitability, and making Ford the next-generation transportation leader.”