Japan Automobiles: Ford Earnings Implications: Resilient US pricing and robust ESS demand

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Japan Automobiles: Ford Earnings Implications: Resilient US pricing and robust ESS demand

Equity Research

29 July 2026 | 7:13AM JST

Japan Automobiles: Ford Earnings Implications: Resilient US pricing and

robust ESS demand

In its 2Q earnings announced on July 29 (JST), Ford (covered by our US autos analyst Kota Yuzawa

+81(3)4587-9863 |

Mark Delaney) raised its full-year adjusted EBIT guidance from US$8.5–US$10.5 bn kota.yuzawa@gs.com

Goldman Sachs Japan Co., Ltd.

to US$10.0–US$11.0 bn. This upward revision was primarily driven by Ford Blue, the

Ken Kawamoto

company’s ICE/HEV business segment, which saw its full-year EBIT outlook revised +81(3)4587-1921 |

upward from US$4.5–US$5.0 bn to US$5.0-US$5.5 bn. ken.kawamoto@gs.comGoldman Sachs Japan Co., Ltd.

US sales for the April-June quarter remained strong. Consequently, we maintain our

bullish stance on Japanese automakers with high exposure to the US market and

strong HEV portfolios. We reiterate our Buy ratings on Honda, Toyota, and Subaru.

Furthermore, backed by Ford’s confidence in energy storage system (ESS) demand,

we anticipate growing market interest in Honda’s US ESS business.

Key Earnings Takeaways

n Resilient US Pricing and Mix: Ford management indicated that pricing and

product mix in the US market remain favorable. Overall demand for pickup trucks

is robust, and the share of V8 engines is rising. The company expects full-year

pricing to increase by approximately 0.5%.

n Strong ESS Demand: Demand for the prismatic LFP battery-based ESS business

remains solid. Management commented that order backlogs are building up

steadily toward their 20 GWh production capacity target for 2028. Order

opportunities are also expanding beyond utility customers.