Ford Promises This Will Happen by the End of the Year

Automaker Ford has made a promise that it will have 100 self-driving vehicles on the road by the end of 2019.

The company made the announcement on Thursday and also said that it is currently testing vehicles in both Washington D.C. and Miami.

Ford’s Marcy Klevorn said that the company makes an effort to test its autonomous vehicles in cities with a “really difficult setting to prove capability.”

Ford announced first quarter financial results this week and beat on both the top and bottom line. Shares of the stock were jumping about 8% in after-hours trading on the results.

For the quarter, Ford reported adjusted earnings per share of 44 cents while analysts expected 27 cents. Revenue at $37.24 billion was also better than the $37.08 billion expected.

Total revenue was $40.34 billion during the quarter while the company made $41.96 billion in revenue during the same quarter last year.

“We have a lot of work to do. A lot of redesign of the business. We’re still somewhat concerned about the external environment,” outgoing Ford CFO Bob Shanks said on CNBC’s “Closing Bell. ”

“This quarter was a really good start for the year,” Shanks said. “We expect first quarter EBIT to be the strongest of the year due to seasonal factors and major product launches ahead. It does, however, put us on track to deliver better company results in 2019 than last year.”

He has also said, “The ship is starting to turn after a lot of work on the fitness of the business, rethinking the product portfolio, working on a number of alliances.”

Ford also said that it has invested $500 million in electric-truck maker Rivian to build a battery-powered electric vehicle. Shanks called the investment and partnership a “win win” for both companies.

“Working with a fantastic start-up like this that is looking at electrification and that part of the business with fresh eyes, we’re going to learn a lot from it,” he remarked.

Disclaimer: We have no position in Ford Motor Company (NYSE: F) and have not been compensated for this article.