US auto giant: Ford benefits from SUV demand in the USA

Ford has boosted its profit outlook for the current year, driven by robust demand for its lucrative SUV models in the United States. The American automaker now anticipates an adjusted pre-tax profit ranging from $10 billion to $11 billion, an increase from its previous forecast of $8.5 billion to $10.5 billion.

The company's performance in the last quarter was significantly bolstered by sales of premium versions of its Bronco and Explorer SUVs. These sales helped compensate for challenges in other areas, including a reduction in the supply of its highly popular F-series pickup trucks. Production of these trucks was hampered by a fire at an aluminum supplier, creating a bottleneck in the supply chain.

Despite these headwinds, Ford managed to achieve a break-even result in the most recent quarter, a notable improvement from a loss of $1.3 billion in the same period last year. The company's electric vehicle division also saw its losses decrease as the overall EV market experienced a slowdown. However, Ford's total revenue for the quarter dipped by 4% compared to the previous year, reaching $50.2 billion.