Ford Motor Co. in Dearborn today reported 2017 fourth quarter and full year financial results was up in both the fourth quarter and the year as a whole.
For the fourth quarter of 2017, revenue was up to $41.3 billion, an increase of $2.6 billion from 2016’s fourth-quarter results. For the year, Ford reported final revenue of $156.8 billion, up $5.0 billion from 2016. Net income was $7.6 billion, up 65 percent from the previous year.
In turn, profit sharing payments will be made to more than 54,000 eligible hourly UAW-represented employees; approximately $7,500 for employees on a full-year basis.
“In 2017, we made tremendous progress in laying the foundation for our strategy- smart vehicles for a smart world, from accelerating our connected vehicle plans to expand our AV and EV work,” says Jim Hackett, president and CEO of Ford. “As we move into 2018, we are intensely focused on improving the operation fitness of our business to deliver strong results while continuing to build toward our vision of the future.”
Ford’s revenues were driven by higher wholesale volume in 2017, helped with strong sales for the company’s flagship pickup truck, the F-Series. Ford sold 896,764 F-Series pickups in 2017, marking its 41st year as America’s best-selling pickup. F-Series sales were up 9.3 percent over 2016.
2017 was the eighth year in a row that Ford was the best-selling auto brand in the U.S.
In turn, the automaker announced in December new investments at its Flat Rock Assembly Plant to manufacture a purpose-built autonomous vehicle. More information will be released in the coming months.