The daily business briefing: May 3, 2023

Ford rebounds in 1st quarter and cuts Mach-E prices again, job openings fall for 3rd straight month, and more

The Ford Mach-E vehicle on display beneath a Ford logo
(Image credit: FREDERIC J. BROWN/AFP via Getty Images)

1. Ford rebounds in 1st quarter, cuts Mach-E prices

Ford Motor on Tuesday reported $1.8 billion in first-quarter net income, reversing a $3.1 billion loss in the same period last year. The automaker rebounded after struggling with supply-chain bottlenecks as it "commanded top dollar for its pickup trucks and SUVs," The Wall Street Journal reported. For the second time in 2023, Ford slashed prices on its electric Mustang Mach-E, this time by as much as 8 percent. Ford CEO Jim Farley told analysts that by the end of the year Ford will have cut $5,000 from Mach-E costs since the vehicles launched over two years ago, allowing the company to cut the SUV's price to grab a bigger share of the market. Ford is switching to a lower-cost battery as Tesla slashes prices to protect its lead share of the EV market.

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Harold Maass, The Week US

Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.