Ford Just Made a Bold Promise to Have This By the End of 2019

06:21 04/28/2019

Dearborn-based automaker Ford F  has made a big promise. The company has promised that it will have 100 self-driving vehicles on the road by the end of the year.

Ford made the announcement last week when it revealed financial results for the first quarter. The company also said that it is currently testing vehicles in both Washington D.C. and Miami.

Ford’s Marcy Klevorn said that Ford is making an effort to test its autonomous vehicles in cities with a “really difficult setting to prove capability.”

First quarter financial results for the company were a beat on both the top and bottom lines and shares saw a gain of roughly 8% on the news.

For the first quarter, Ford reported adjusted earnings per share of 44 cents while analysts were waiting for 27 cents. Revenue at $37.24 billion was also ahead of the $37.08 billion expected.

Total revenue was $40.34 billion during the quarter while the company made $41.96 billion in revenue during the same quarter last year.

“We have a lot of work to do. A lot of redesign of the business. We’re still somewhat concerned about the external environment,” outgoing Ford CFO Bob Shanks remarked on CNBC’s “Closing Bell. ”

“This quarter was a really good start for the year,” Shanks also said. “We expect first quarter EBIT to be the strongest of the year due to seasonal factors and major product launches ahead. It does, however, put us on track to deliver better company results in 2019 than last year.”

He further stated, 'The ship is starting to turn after a lot of work on the fitness of the business, rethinking the product portfolio, working on a number of alliances.'

Ford also said that it has invested $500 million in electric-truck maker Rivian to build a battery-powered electric vehicle. Shanks called the investment and partnership a “win win” for both companies.

“Working with a fantastic start-up like this that is looking at electrification and that part of the business with fresh eyes, we’re going to learn a lot from it,” said Shanks.

This article has been provided by a Chasing Markets contributor. All content submitted by this author represent their personal opinions, and should be considered as such for entertainment purpose only. All opinions expressed are those of the writer, and may not necessarily represent fact, opinions, or bias of Chasing Markets.
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