Ford's Stock Drops 20% After $1.1 Billion Loss on EV Business

Ford's stock dropped 20% this weekmostly falling off the cliff Wednesday after failing to meet Wall Street's expectations for its quarterly profits, according to MarketWatchand notching "another billion-dollar loss on EVs.""The remaking of Ford is not without its growing pains," Ford Chief Executive Jim Farley said on a call with investors after the results. "We look forward to proving our EV strategy out. That has become more realistic and sharpened by the tough environment." Ford is "confident" it can reduce losses and sustain a profitable business in the future, he added. 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. Larger EVs will be part of the picture, but success there will require more breakthroughs on costs, the CEO said, adding that Ford's EV journey overall has been "humbling...." 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. Ford's CEO went on to say that their company is totally open to partnerships for electric vehicles, according to the article. "This is absolutely a flip-the-script moment for our company." Thanks to long-time Slashdot reader sinij for sharing the news.Read more of this story at Slashdot.
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