Ford Motor Co. posted first-quarter earnings Wednesday that beat Wall Street's expectations, bolstered by a strong performance in its commercial vehicle division and an increase in its hybrid vehicle sales. The company said it expects to achieve the higher end of its projected annual guidance of $10 billion to $12 billion in earnings before interest and taxes. Ford shares rose 3.5% in after-market trading on the news.
Despite seeing a modest growth in EV sales, legacy automakers continue to see an overhang from higher costs in the supply chain required to produce those vehicles. The Dearborn, Michigan, automaker’s strong commercial business continues to fuel its bottom line, and the company is betting on software-related services in this division to drive profits in the coming years.