US automaker Ford topped earnings expectations in the fourth quarter of 2023 and is forecasting higher profits this year despite greater labor costs and losses in its electric vehicle segment, according to a financial report released Tuesday.The company expects "higher expenses for labor and major product-refresh actions" this year.
Ford Motor Co Shares: The company s quarterly report added to the gloom around the EV market, which has seen consumers pull back on some purchases due to high inflation.
Ford's preliminary third-quarter results, released late on Monday, sent shares of rival General Motors Co down 5.6% as analysts said it might take more time for automakers to recover from chip shortages.