close
close

Yiamastaverna

Trusted News & Timely Insights

    • Ford’s third-quarter net income falls 25% to 0 million
    Suffolk

    Ford’s third-quarter net income falls 25% to $900 million

    Caradoc Wyn Posted on

    play

    Ford Motor Co. said Monday that third-quarter net income fell 25% to $900 million, a decline the company attributed to a $1 billion charge related to electric vehicles that the The automaker says it would accept this by changing its strategy for electric vehicles.

    The Dearborn-based automaker reported adjusted operating profit of $2.6 billion for the July-September period, up 18% from $2.2 billion in the same period last year.

    Overall, Ford’s revenue for the quarter was $46 billion, up 5% year over year.

    Ford’s financial performance has been difficult in recent quarters due to increased warranty costs and electric vehicle losses, among other factors. After continuing to post losses on electric vehicles, Ford announced in August that it was changing its electric vehicle strategy to ensure the vehicles are profitable within a year of their launch.

    This time last year, Ford said it had incurred $1.3 billion in costs from the 41-day UAW strike in 2023. The company has been losing $400 million every week since the strike began on September 15.

    Ford vehicle sales remained relatively flat during the period compared to a year ago, with hybrid vehicle sales increasing 38%.

    More Ford news: Ford employees officially move into new offices at Michigan Central Station

    More Ford news: Ford is under fire for efforts to roll back certain DEI initiatives

    Meanwhile, crosstown rival General Motors Co. reported last week that both its revenue and pretax profit rose in the third quarter compared with the same period a year ago, as the company kept prices stable, cut costs and saw strong demand for its most profitable vehicles recorded. GM also benefited from a favorable year-over-year comparison in the quarter as the company recorded higher costs due to the UAW strike, warranty work and other expenses.

    Free Press staff writer Jamie L. LaReau contributed to this report.

    Contact Adrienne Roberts: [email protected]

    Tagged:

    LEAVE A RESPONSE

    Your email address will not be published. Required fields are marked *

    Caradoc Wyn
    View all posts

    You Might Also Like

    ads