Revenues rose at the Irish arm of US car giant Ford to €270.24 million last year, although there was a 5 per cent fall in pre-tax profits.
New accounts show that despite the six per cent increase in revenues from €254.7 million to €270.24 million, Henry Ford & Son Ltd recorded a 5 per cent decrease in pre-tax profits to €987,000.
The drop in pre-tax profits arose from the firm’s spend on new vehicles, parts and accessories increasing by 10 per cent from €234.76 million 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. "Ford market share in Ireland was 7 per cent across passenger car, 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 company's 2021 wholesale volume decreased by 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."
By 2035, Ford is committed to having zero emissions for all vehicle sales in Europe and targets carbon neutrality across its European footprint of facilities and suppliers.
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.
Numbers employed at the company last year remained at 17 and staff costs last year totalled €2.52 million.
Pay to key management personnel last year remained at €356,000.
