Ford Stock Dips 17 Percent, EVs Lose $1.1 Billion in Second Quarter

Published on July 25, 2024

Ford registered a marginal increase in profits for the second quarter of 2024, but the company’s share price tumbled after its earnings release amid a poor performance on the electric vehicle (EV) front. While the Michigan-based auto manufacturer reported a 3.8 percent increase in net income for the second quarter compared to the same quarter last year, the company’s EV division suffered a loss of $1.14 billion. The company blamed the loss on factors such as “ongoing industry-wide pricing pressure,” referring to price wars in the electric vehicle industry. Manufacturers such as Tesla and Ford have been aggressively lowering EV prices, which ends up negatively affecting profits. The pricing pressure and other factors have “more than offset about $400 million in year-over-year cost reductions in the segment.”...

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