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Ford Stocks Drops 20% After $1.1 Billion Loss on EV Business
Ford's stock dropped 20% this week — mostly falling off the cliff Wednesday after failing to meet Wall Street's expectations for its quarterly profits, according to MarketWatch — and notching "another billion-dollar loss on EVs." "The remaking of Ford is not without its growing pains," ...
Ford's stock dropped 20% this week — mostly falling off the cliff Wednesday after failing to meet Wall Street's expectations for its quarterly profits, according to MarketWatch — and notching "another billion-dollar loss on EVs. The car maker plans to focus on "very differentiated" EVs priced under $40,000 and $30,000, and on two segments, work and adventure, Farley said. The results included an EBIT loss of $1.1 billion for Ford's EV segment, "amid ongoing industrywide pricing pressure on first-generation electric vehicles and lower wholesales," the car maker said... Ford kept its expectations that the EV business will lose between $5.0 billion and $5.5 billion for the year, "with continued pricing pressure and investments in next-generation electric vehicles," it said.
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