Ford Motor Company (NYSE:F) shares rose 6% in after-hours trading as the automaker surpassed Wall Street forecasts with its quarterly revenue and announced plans for a new, smaller EV to compete with Tesla Inc (NASDAQ:TSLA)'s Model 2.
In its quarterlies, Ford highlighted its $2 billion cost-reduction strategy for the year and declared a special dividend.
CEO Jim Farley underscored Ford's strong positioning for growth in profit and revenue, while flagging a strategic shift towards smaller EVs and cost efficiency to compete with Tesla and Chinese manufacturers.
Despite a Q4 loss of $526 million, Ford's adjusted earnings of 29 cents per share exceeded expectations, with revenue reaching $46 billion.