The automaker’s third-quarter net income of US$900 million was down 25 per cent from the same period last year, sending its shares down about eight per cent Tuesday. Ford attributed the decline to its August decision to write down costs related to electric-vehicle production, when it took a US$400 million charge for scrapping its plans to build three-row EVs in its plant in Oakville, Ont. (The Logic)
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The automaker’s third-quarter net income of US$900 million was down 25 per cent from the same period last year, sending its shares down about eight per cent Tuesday. Ford attributed the decline to its August decision to write down costs related to electric-vehicle production, when it took a US$400 million charge for scrapping its plans to build three-row EVs in its plant in Oakville, Ont. (The Logic)
Talking point: Ford cut its forecast for 2024’s adjusted earnings before interest and taxes to about US$10 billion, down from the previous range of US$10 billion to US$12 billion. The automaker has seen higher-than-planned warranty costs and a supplier issue with its profitable gas vehicles, Morningstar analyst David Whiston said. Still, CEO Jim Farley maintained on the earnings call that EVs are an area of strength for Ford, even after GM and Tesla impressed investors with more optimistic earnings forecasts.
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