“We're tightening our CapEx range to $8 billion to $9 billion as the team adjusts to the dynamic EV landscape.”

In context

“customers and all of our stakeholders with the Freedom of Choice made possible by Ford+. There's plenty of work ahead to fulfill that potential. However, the progress we've made so far is undeniable. We're delivering growth and profitability, sharpening capital efficiency and fortifying the resilience of our business. Accordingly, turning to our outlook, we continue to expect full year company adjusted EBIT of $10 billion to $12 billion and are tracking toward the high end of this range, and that would be a record for Ford. We're raising our adjusted free cash flow guidance to $6.5 billion to $7.5 billion, supported by the underlying strength of the business and lower-than-planned CapEx. Our adjusted free cash flow guidance is consistent with our cash flow conversion target of 50% to 60%. We're tightening our CapEx range to $8 billion to $9 billion as the team adjusts to the dynamic EV landscape. We're scrutinizing every dollar and driving efficiencies that we believe could land us at the lower end of this revised CapEx range. Our outlook for 2024 assumes a flat to slightly higher SAAR in both the US and Europe. Our planning assumption is for the US is 16 million to 16.5 million units. Full year of customer demand for all-new Super Duty contributing to better market factors for Ford Pro. Industry supply demand normalizing. From a planning perspective, we're assuming lower industry pricing of roughly 2%, driven by higher incentive spending as we move through the year. We expect this to be partially offset by top line growth from the launch of our new products. There's no change to our segment outlook, which anticipates continued strength in Ford Pro, leading to EBIT of $8 billion t”