FFord Motor Company

Ford earns from pickups and commercial vans, while its electric arm still loses money.

Profit is concentrated in the F-150 pickup and in Ford Pro, the commercial arm serving business fleets: vans, service and fleet management software. The commercial half carries better margins than retail and is steadier, because businesses replace vehicles on schedule rather than on mood.

The electric business is reported as a separate segment with its losses on their own line — transparency rare in the industry. Electric vehicle demand fell short of forecasts, plans were revised repeatedly, and some capacity was redirected to hybrids.

A separate long-standing problem is warranty and recall costs, higher than competitors' and directly consuming profit. The finance arm lends to buyers and adds credit risk. Ford pays a high dividend including a variable component.