Ford’s revenue before interest and taxes more than tripled from a year earlier to $US3.7 billion ($A5.3b) from $US1.1 billion. 

The increases were attributed in part to a 35 per cent rise in wholesale shipments of vehicles while being aided by strong pricing and demand for its newest products.

In a statement, Ford’s CEO said: “We’re moving with purpose and speed into the most promising period for growth in Ford’s history — to innovate and deliver great products and connected services, raise quality and lower costs.

“We’re giving customers great experiences and value, improving our profitability and making Ford the next-generation transportation leader.”

In a sign the semiconductor shortage might be easing, CFO John Lawler told Automotive News that Ford has about 18,000 vehicles waiting for chips or related components, significantly down from the 53,000 waiting in the previous quarter.

Ford’s profits were driven, as usual, by its performance in North America, where it made $US3.3 billion ($A4.7b), up significantly from the $US192 million ($A275m) it earned in the second quarter of 2021.

On top of this, it earned $US104 million ($A149m) in South America, $US10 million ($A14m) in Europe and $US60 million ($A86m) in its international markets group.

But it lost $US121 million ($A173m) during the second quarter in China which Ford blamed mainly on lower vehicle shipments caused by pandemic restrictions.

Ford reaffirmed its full-year guidance of $US11.5 billion ($A16.5b) to $US12.5 billion ($A18b) in adjusted EBIT, which would be 15 to 25 per cent more than it earned in 2021. It expects production volumes to increase 10 to 15 per cent over 2021 levels.

Ford executives this week declined comment on a recent Bloomberg report that it plans to cut up to 8000 salaried jobs in the near future, although Mr Farley reiterated his stance that Ford has too many people.

“We have skills that don’t work any more and we have jobs that need to change,” he said.

“In the past, often indiscriminately, we’d take the cost out. That’s not what’s happening at Ford now. This is a different kind of change, where we’re reshaping the company.”

Ford previously announced that it had a profitable first quarter but was hit by its investment in EV ute-maker Rivian, which dragged it down to post a net loss of $US3.1 billion ($A4.4b).

Revenue during that first quarter fell five per cent to $US34.5 billion ($A49.4b), the company reported.

The value of Ford’s Rivian shares fell by more than half to $US5.1 billion ($A7.3b) during the quarter as Rivian dropped from about $US102 ($A146) a share at the beginning of the year to about $US50 ($A71.6) on March 31. It fell further in April to around $US30 ($A43) and is now around $US32 ($A45).

Meanwhile, former Ford asset Jaguar Land Rover now owned by Tata Motors has posted a quarterly loss of £524 million ($A911m) compared with a loss of £110 million ($A191m) a year earlier, as revenue fell 11 per cent. The reversal was blamed on ageing models, inflation and adverse currency movements, the company said. 

But optimistically it expects sales to recover as semiconductor shortages ease and it ramps up production.

JLR says that as chip shortages ease, it expects to sell 90,000 JLR vehicles on a wholesale basis in the current quarter — higher by 14 per cent than in the last five quarters, including the June quarter when it sold 72,000 units, down 15 percent from a year ago.

In its financial report, JLR said sales of its vehicles slumped 37 per cent to 78,825 units for the June quarter because of chip shortages and COVID-related lockdowns in China.

However, it said demand for models including the latest Range Rover, Range Rover Sport and Defender remains strong. 

It said it is holding strong orders for the three models of, respectively, 62,000, 20,000 and 46,000 units.

JLR is targeting a return of five per cent on earnings before interest and taxes and £1 billion ($A1.74b) in free cash flow in the year through March 2023.

By Neil Dowling