Automaker continues to battle costly quality issues and an EV business that is weighing on its bottom line
reported a dip in second-quarter adjusted profit on Wednesday as the auto maker continues to battle costly quality issues and an EV business that is weighing on its bottom line, sending shares tumbling 12% in after-hours trading.
Ford CEO Jim Farley has made fixing the automaker’s quality problems a priority since he took the helm in October 2020. Since then, Ford has hired a new executive director of quality and transformed some of its production practices to avoid errors, but has still topped the industry in number of recalls.
The car maker maintained its projected annual guidance of $10 billion to $12 billion in earnings before interest and taxes. Earlier this month it shifted plans for a Canadian assembly plant that was expected to build a three-row EV, instead saying it would produce Ford’s flagship F-150 pickups. Farley said the company was struggling to meet soaring demand for the gas guzzlers.
Ford Loss Profit Company Quality Demand Warranty Jim Farley Tesla General Motors
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