“We continue to expect adjusted free cash flow of $7.5 billion to $8.5 billion, with CapEx between $8 billion to $8.5 billion.”

In context

“ommercial business at Ford Pro. We are also on track to deliver $2 billion of cost efficiencies within our industrial platform, offsetting expected higher labor and product refresh costs for the year. However, two gating factors keep us from a record adjusted EBIT this year, higher-than-expected warranty costs and the impact of inflation at our JV Ford Otosan in Turkey, which increases the material cost of transit vans sold in Europe. While inflationary pressures in Turkey is outside of our control, increased warranty costs are within our control. We now expect full year company-adjusted EBIT of about $10 billion, which includes lower-than-planned volume in the second half for Ford Pro and Ford Blue due to supplier disruptions. In general, we see supply and demand for vehicles in balance. We continue to expect adjusted free cash flow of $7.5 billion to $8.5 billion, with CapEx between $8 billion to $8.5 billion. Our outlook for '24 assumes a flat to slightly higher SAAR in both the US and Europe. Our planning assumptions 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, lower industry pricing of roughly 2%, driven by higher incentive spending as we exit the year. For Ford, we expect this to be partly offset by top-line growth from the launch of our new products. Our segment outlook anticipates continued strength in Ford Pro. We now expect EBITDA of about $9 billion with an improved market equation, including continued pricing strength on core products. An expected loss of about $5 billion for Model e, which is the positive end of our guidance range, driven by over $1 billion in cost improvements”