Ford reports loss on EV retreat but lifts 2026 forecast

Ford attributed US$3.6 billion in costs to the wind-down of an electric battery joint venture. (EPA Images pic)NEW YORK: Ford reported a loss Tuesday on the latest financial hit from an electric vehicle retreat but lifted its full-year forecast on strong pricing.The Michigan auto giant reported a second-quarter loss of US$1.3 billion due to US$3.6 billion in costs connected to the wind down of a electric battery joint venture.Revenues fell 3.8% to US$48.3 billion, due in part to a 12.3% decline in wholesale auto sales.But Ford, pointing to persistently solid demand for new vehicles, now projects adjusted operating earnings of US$10-11 billion in 2026, up from the prior range of US$8.5-10 billion."Our core consumer has been very resilient, despite inflation, despite what we're seeing in interest rates," said chief financial officer Sherry House.The company sees industrywide pricing climbing 0.5% after earlier foreseeing pricing as about flat. Overall US sales are expected between 16 and 16.5 million in 2026, comparable to last year's level.Ford said its financial outlook is better due to warranty costs, and they expect improvement compared with last year's outage at Novelis, an aluminum plant in New York state that suffered two fires in 2025 and forced Ford to scramble for supplies.House said Tuesday that materials from the plant will be completely restored in September.Shares of Ford rose 1% in after-hours trading.