What's Going On With Ford Stock?

Ford Motor Co F shares are tapping the brakes Wednesday on the heels of the Detroit-based automaker's first-quarter results.

What Happened: Ford said first-quarter revenue increased 20% year-over-year to $41.5 billion, which beat consensus estimates of $36.03 billion, according to Benzinga Pro.

Ford Blue contributed $25.1 billion in quarterly revenue and Ford Pro added $13.2 billion. The Model e segment generated $700 million, down 27% year-over-year. It's possible shares are skidding in reaction to weak EV results. 

The company reported quarterly earnings of 63 cents per share, which beat estimates of 41 cents per share. 

"Ford Pro is leading the way on profitable growth, our big investments in iconic Ford Blue vehicles and derivatives are winning with customers, and Ford Model e’s different approach to EVs is significantly reducing costs on our first high-volume products while rapidly developing breakthrough next-generation vehicles from the ground up," said Jim Farley, CEO of Ford.

Everything You Need To Know: Ford Motor Company Q1 Earnings Highlights: Revenue And EPS Beat, EV Sales Decline, Guidance And More

Ford expects to up manufacturing capabilities to a global run rate of 600,000 EV units by the end of 2023. The company expects to increase run rate to over 2 million by the end of 2026.

Ford maintained its 2023 expectations for adjusted EBIT in a range of $9 billion to $11 billion and adjusted free cash flow of about $6 billion.

Ford will hold its annual meeting of shareholders on May 11. 

F Price Action: Ford shares were down 2.2% at $11.54 at time of publication, according to Benzinga Pro.

Photo: courtesy of Ford.