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Profits at Ford’s Irish business fell last year even as revenue increased.
New accounts show that despite the 6 per cent increase in revenues to €270.24 million, Henry Ford & Son Ltd recorded a 5 per cent drop in pretax profits to €987,000.
The drop in earnings was driven by the firm’s spend on new vehicles, parts and accessories, which jumped 10 per cent to €259 million.
The directors state that in 2021, the total Irish vehicle market increased by 21 per cent on 2020 to 136,000 units.
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They state: “Ford market share in Ireland was 7 per cent across passenger cars, and 24 per cent in commercial vehicles — a total market share of 10.6 per cent. The total market share remained unchanged from 2020.”
The directors state that “Ford was market leader in commercial vehicle sales and was 5th in passenger car sales”.
The directors state that the company’s 2021 wholesale volume slid 5 per cent to 12,140 units.
The directors state that “despite ongoing industry wide supply constraints, 2022 provides the opportunity for Ford in Ireland to build on to the Mustang Mach E launch with our first electric commercial vehicle, the Transit BEV launching from 2022 onwards”
Based in Cork, the company was founded in 1917 by Henry Ford and was the first location outside the US, selected because his grandfather emigrated from the county.
It is the only Ford company left to retain the full title Henry Ford & Son Ltd.
According to statistics from the Irish Motor Industry (IMI), Ford is the market leader recording a 24.27 per cent market share of new light commercial vehicles sales to the end of September this year.
During the same period, Ford has a market share of 4.8 per cent in new passenger car registrations.
Accumulated profits at the company at the end of last year totalled €16.1 million.
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