Ford joins GM in raising profit outlook as wealthy buyers keep truck demand humming

While Ford's U.S. electric vehicle sales fell 57.4% in the first half of the year, the automaker is still planning to begin production of a $30,000 electric pickup at a plant in Kentucky in 2027. Ford recorded losses of $919 million in its EV and software unit in the second quarter, and projected annual losses of about $4 billion in that segment.

Globally, it is leaning more on partners, including Renault and China’s Geely, to increase production of EVs.

Ford and Geely announced a joint venture this month to manufacture vehicles at Ford's Valencia, Spain, factory. Under the arrangement, Ford plans to continue production of the Kuga plug-in hybrid, as well as a new Bronco SUV, while Geely plans to make two electric SUVs at the plant starting in 2028. The companies will also jointly develop a multi-energy crossover model.

The automaker’s competitors have reported mixed results for the second quarter. General Motors last week reported earnings and revenue that topped analyst expectations and raised its full-year 2026 guidance for the second time this year. Meanwhile, Tesla missed analysts' second-quarter profit forecasts, and reported negative free cash flow, despite record vehicle deliveries.