Auto giant Ford Motor Company (NYSE: F) on Wednesday reported lower adjusted earnings for the third quarter of 2022, despite an increase in net sales.
Third-quarter revenues rose 10% annually to $39.4 billion, with automotive revenue growing sharply. The company reported earnings of $0.30 per share, on an adjusted basis, down from last year’s $0.51 per share
On a reported basis, it was a net loss of $0.8 billion or $0.21 per $hare, compared to a profit of $1.8 billion or $0.45 per share in the third quarter of fiscal 2021.
Check this space to read management/analysts’ comments on Ford’s Q3 2022 earnings
“It’s mission-critical for Ford to develop great and differentiated L2+ and L3 applications that at the same time make transportation even safer. We’re optimistic about a future for L4 ADAS, but, fully autonomous vehicles at scale are a long way off and we won’t necessarily have to create that technology ourselves,” said Ford’s CEO Jim Farley.