Ford Motor climbs as commercial vehicle sales drive Q1 profit beat

** Shares of Ford Motor Co F gain 3% to $13.35 in premarket trade

** Ford Motor beats Q1 earnings estimates, bolstered by strength in commercial vehicle division and higher hybrid vehicle sales

** Posts adj Q1 EPS 49 cents vs est 42 cents- LSEG data

** Expects to achieve higher-end of projected FY forecast range of $10 bln to $12 bln in earnings before interest and taxes

** While cash flow from base business provides downside protection and funds EV development, profitable sale of EVs crucial - Piper Sandler

** Ford records $1.3 bln operating loss for EV and software division in Q1; executives expect pre-tax loss of $5 bln-$5.5 bln for the year

** Peer General Motors GM on Tuesday posted Q1 results above targets and raised annual forecast, sending shares up 4.4%

** Of 27 brokerages tracking the automaker, eight rate "buy" or higher, 15 "hold" and four as "sell" or lower; median PT at $13

** As of last close, shares up 8.5% YTD vs a 6.3% gain in benchmark S&P 500 SPX