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 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