Ford’s automotive revenue in Q3 came at $43.07 billion compared to the $41.88 billion estimated by analysts, an improvement on $41.18 billion in the same period last year. Overall, Ford’s revenue was $46 billion, marking a 5% year-over-year increase. It also recorded $0.49 in adjusted earnings per share versus expectations of $0.47 in adjusted EPS.

However, Ford is now expecting slightly worse results in 2024. The company projects its adjusted earnings before interest and taxes (EBIT) at around $10 billion compared to previous forecasts of between $10 billion and $12 billion.

“We have made strategic decisions and taken the tough actions to create advantages for Ford versus the competition in key areas like Ford Pro, international operations, software and next-generation electric vehicles” Jim Farley, President and CEO of Ford, said in a statement. “Importantly, over time, we have significant financial upside as we bend the curve on cost and quality, a key focus of our team.”

The adjusted forecast for the full year of 2024 didn’t sit well with investors as Ford’s stock went down by 4.66% in after-market trading. It previously closed at $11.37 per share and was 6.50% down year-to-date.

The post Ford Stock Slides Despite Q3 Earnings Beat appeared first on theprimarymarket.com.

The company announced that the buyers of Ford Mustang Mach-E, F-150 Lightning, or E-Transit Cargo will receive complementary home chargers for their vehicle alongside free-of-charge installation. The program, which is called “Ford Power Promise” and also includes access to 24 advisor services and roadside assistance, will start on October 1 and will wrap up until the end of the year.

Ford believes the lack of charging infrastructure is one big reason why Americans are still slow to switch from gas-powered cars to EVs and believes having the ability to charge their cars at home will be part of the solution.

“We spend all this time in the industry talking about charging on the road, and yet we kind of overlooked the most basic charging solution for America,” Ford CEO Jim Farley told Reuters.

Ford has sold 23,957 EVs in the most recent quarter, marking a 61% year-over-year increase. It sold 44,180 electric cars in the first half of 2024, which was a 72% increase compared to the first half of 2023. Ford is now the second-leading EV seller in the United States, trailing only Tesla.

The post Ford is Offering Free Chargers to EV Buyers appeared first on theprimarymarket.com.

According to Morgan Stanley, the U.S. auto industry is currently struggling as car makers are dealing with inflated inventory, price cuts, and increasing competition from Asia. This is particularly the case with Chinese vehicle manufacturers, who are collectively producing nine million more cars than they sell in the domestic market.

“Even if these units don’t end up directly on US shores, the ‘fungibility’ of lost share and profit by key US players adds pressure here at home, “Morgan Stanley’s Adam Jonas wrote in a research note.

Jonas downgraded Ford Motors from “overweight” to “equal weight, “while lowering the price target on the stock from $16 to $12 per share.

GM stock was downgraded from “equal weight” to “underweight” by Jones, with the new price target being at $42 compared to the previous $47 per share.

Finally, Rivian stock also went from “overweight” to “equal weight, “and its price target came down from $16 to $13.

After the downgrade from Morgan Stanley, Ford Motors stock dipped by 4.4% to close at $10.42 per share, GM’s stock closed at $45.73 after sliding by almost 5%, and Rivian’s stock dropped by 6.84% for Wednesday’s close of $11.0.

The post Ford and GM Stocks Fall After Morgan Stanley Downgrade appeared first on theprimarymarket.com.

M. K. Stalin, Chief Minister of Indian state Tamil Nadu, confirmed the news in a recent social media post. 

“Had a very engaging discussion with the team from @Ford Motors! Explored the feasibility of renewing Ford’s three-decade partnership with Tamil Nadu, to again make in Tamil Nadu for the world!” Stalin wrote in a post shared on X (former Twitter) while attaching photos from the meeting.

Ford previously produced cars for domestic and international markets at factories in Sanand, Gujarat, and Chennai, Tamil Nadu. However, following weak sales and $2 billion in losses over the past decade, the company decided to halt production in both plants. The move came after a proposed partnership with domestic automaker Mahindra & Mahindra fell through.

In 2021, Ford sold the Sanand factory to India’s Tata Motors and later closed the doors at the one in Chennai. The latter plant has the capacity to produce 200,000 cars and 340,000 engines.

The news about Ford’s intention to return to India doesn’t come as a surprise. It was reported earlier this year that the company is interested in making electric vehicles and hybrids in the country.

The post Ford is Interested in Resuming Car Production for Export in India appeared first on theprimarymarket.com.

The agreement includes a 10% wage increase for workers during the first year, followed by increases of 2% and 3% during the second and third year. In addition, a $10,000 productivity and quality bonus would be awarded to all employees on the active payroll of the company. Also included are increases to monthly basic benefits and special allowances in benefit and hybrid pension plans.

Representing approximately 5,600 Canadian auto workers, Unifor targeted Ford as part of a larger pattern bargaining tactic. By selecting one of the Detroit Three to negotiate with first, Unifor hoped to set the tone for subsequent deals with other companies.

The post Ford Motors Offers Wage Increases of Up to 25% appeared first on theprimarymarket.com.

In addition to its “integral link pushrod and rocker arm architecture,” as is common in race cars, the Mustang GTD will house its all-new rear suspension and spring setup in its rear trunk.

Farley also spoke on the company’s electric vehicle efforts, admitting to an ongoing issue with the Model e. “The [Model] e business, the volume is ok. We spent the first half getting ready to triple production in the fourth quarter, but the profitability is really challenged,” he said, admitting that while consumers have expressed fondness for the car, they are unwilling to pay premium prices.

Still, Farley claimed that the company’s fortunes should improve upon ironing out some issues, many of which revolve around getting customers adjusted to EVs. Human issues such as charging the EV as necessary and planning routes accordingly are proving challenging, with the company looking to assist by expanding its EV charging network.

The post Ford CEO Unveils New Supercar, Provides EV Update appeared first on theprimarymarket.com.

Ford revealed that it would be compensated with “an amount compatible with the market” as a result of the agreement. The company did not disclose the exact amount.

Chinese electric vehicle manufacturer BYD has exhibited an interest in the complex since mid-2022. The company has repeatedly attempted to engage with Ford and the government of Bahia to negotiate the acquisition of the complex.

BYD revealed its continued interest in the complex in a statement explaining that the company “continues with the planning to invest in the Camacari industrial park, maintaining the necessary negotiations with the Bahia government.”

The post Ford Secures Ownership Of Previously-Shut Brazilian Factory Complex appeared first on theprimarymarket.com.

Top-line revenue for Q2 was $45 billion, outpacing an expected $40.17 billion and improving 12% from the $37.91 billion reported a year earlier. Adjusted earnings per share amounted to $0.72, beating the Wall Street consensus estimate of $0.54 per share. Adjusted EBIT amounted to $3.8 billion.

In terms of its full-year guidance, Ford expects its Ford Blue unit as well as its Ford Ford Pro unit to attain an EBIT of $8 billion a piece. The company’s electric vehicle (EV) unit is expected to continue struggling,however, with its Model E unit expected to incur a full-year loss of $4.5 billion.

Still, Ford CEO Jim Farley expects the company to achieve its EV goals despite this hiccup, explaining, “The near-term pace of EV adoption will be a little slower than expected, which is going to benefit early movers like Ford. EV customers are brand loyal and we’re winning lots of them with our high-volume, first-generation products; we’re making smart investments in capabilities and capacity around the world; and, while others are trying to catch up, we have clean-sheet, next-generation products in advanced development that will blow people away.”

The company expects to reach a 600,000-unit EV production run rate in 2024, en route to achieving its manufacturing goal of 2 million EV units per year.

The post Ford Beats Q2 Profit Estimates Amid EV Unit Slump appeared first on theprimarymarket.com.

The F-150 Lightning Pro EV saw its original price of $59,974 drop to $49,995, while other models were discounted between 6% and 15%. The priciest F-150 Lightning model, Platinum EXT Range, went from $98,074 to $91,995.

According to Ford’s announcement, the lower prices will be applied to dealer stock, meaning that the customers who already ordered the EV but didn’t have it delivered will also benefit.

Ford debuted the Lightning series of EVs back in 2021 and had an initial price of $40,000 for the basic model. However, the surging costs and supply chain prompted the automaker to hike the prices on several occasions.

Despite the hiked prices, F-150 Lightning has seen an increase in sales of 119% in the second quarter of 2023. Overall, Ford EVs were up 11.9% in sales for the first half of the year.

While the numbers indicate that the customers were not discouraged by hiked prices of the F-150 Lightning, Ford still decided to make them more affordable. This is likely a result of an increased inventory and could also indicate that new models might be coming in the fall.  

The post Ford Slashes Prices of F-150 Lightning EV By Almost $10K appeared first on theprimarymarket.com.

“While a supplier part shortage is affecting some of our North American plants, we expect to make up all of the production that is impacted,” Ford announced following the snag.

The decision to resume orders comes as Ford aims to scale its annual production to 150,000 units. The company reiterated this plan upon releasing its Q1 fiscal earnings report last Tuesday.

Despite losses in its electric vehicle business, the company’s earnings beat expectations as its traditional car business, known as Ford Blue, saw an increase in sales alongside its Ford Pro fleet operations. The company’s revenue for the first three months of 2023 reached $39.09 billion, beating estimates of $36.08 billion, while its earnings per share were 63 cents, beating estimates of 41 cents per share.

The post Ford Opens Order for F-150 Despite Production Issue appeared first on theprimarymarket.com.

Ford’s automotive revenue in Q3 came at $43.07 billion compared to the $41.88 billion estimated by analysts, an improvement on $41.18 billion in the same period last year. Overall, Ford’s revenue was $46 billion, marking a 5% year-over-year increase. It also recorded $0.49 in adjusted earnings per share versus expectations of $0.47 in adjusted EPS.

However, Ford is now expecting slightly worse results in 2024. The company projects its adjusted earnings before interest and taxes (EBIT) at around $10 billion compared to previous forecasts of between $10 billion and $12 billion.

“We have made strategic decisions and taken the tough actions to create advantages for Ford versus the competition in key areas like Ford Pro, international operations, software and next-generation electric vehicles” Jim Farley, President and CEO of Ford, said in a statement. “Importantly, over time, we have significant financial upside as we bend the curve on cost and quality, a key focus of our team.”

The adjusted forecast for the full year of 2024 didn’t sit well with investors as Ford’s stock went down by 4.66% in after-market trading. It previously closed at $11.37 per share and was 6.50% down year-to-date.

The post Ford Stock Slides Despite Q3 Earnings Beat appeared first on theprimarymarket.com.

The company announced that the buyers of Ford Mustang Mach-E, F-150 Lightning, or E-Transit Cargo will receive complementary home chargers for their vehicle alongside free-of-charge installation. The program, which is called “Ford Power Promise” and also includes access to 24 advisor services and roadside assistance, will start on October 1 and will wrap up until the end of the year.

Ford believes the lack of charging infrastructure is one big reason why Americans are still slow to switch from gas-powered cars to EVs and believes having the ability to charge their cars at home will be part of the solution.

“We spend all this time in the industry talking about charging on the road, and yet we kind of overlooked the most basic charging solution for America,” Ford CEO Jim Farley told Reuters.

Ford has sold 23,957 EVs in the most recent quarter, marking a 61% year-over-year increase. It sold 44,180 electric cars in the first half of 2024, which was a 72% increase compared to the first half of 2023. Ford is now the second-leading EV seller in the United States, trailing only Tesla.

The post Ford is Offering Free Chargers to EV Buyers appeared first on theprimarymarket.com.

According to Morgan Stanley, the U.S. auto industry is currently struggling as car makers are dealing with inflated inventory, price cuts, and increasing competition from Asia. This is particularly the case with Chinese vehicle manufacturers, who are collectively producing nine million more cars than they sell in the domestic market.

“Even if these units don’t end up directly on US shores, the ‘fungibility’ of lost share and profit by key US players adds pressure here at home, “Morgan Stanley’s Adam Jonas wrote in a research note.

Jonas downgraded Ford Motors from “overweight” to “equal weight, “while lowering the price target on the stock from $16 to $12 per share.

GM stock was downgraded from “equal weight” to “underweight” by Jones, with the new price target being at $42 compared to the previous $47 per share.

Finally, Rivian stock also went from “overweight” to “equal weight, “and its price target came down from $16 to $13.

After the downgrade from Morgan Stanley, Ford Motors stock dipped by 4.4% to close at $10.42 per share, GM’s stock closed at $45.73 after sliding by almost 5%, and Rivian’s stock dropped by 6.84% for Wednesday’s close of $11.0.

The post Ford and GM Stocks Fall After Morgan Stanley Downgrade appeared first on theprimarymarket.com.

M. K. Stalin, Chief Minister of Indian state Tamil Nadu, confirmed the news in a recent social media post. 

“Had a very engaging discussion with the team from @Ford Motors! Explored the feasibility of renewing Ford’s three-decade partnership with Tamil Nadu, to again make in Tamil Nadu for the world!” Stalin wrote in a post shared on X (former Twitter) while attaching photos from the meeting.

Ford previously produced cars for domestic and international markets at factories in Sanand, Gujarat, and Chennai, Tamil Nadu. However, following weak sales and $2 billion in losses over the past decade, the company decided to halt production in both plants. The move came after a proposed partnership with domestic automaker Mahindra & Mahindra fell through.

In 2021, Ford sold the Sanand factory to India’s Tata Motors and later closed the doors at the one in Chennai. The latter plant has the capacity to produce 200,000 cars and 340,000 engines.

The news about Ford’s intention to return to India doesn’t come as a surprise. It was reported earlier this year that the company is interested in making electric vehicles and hybrids in the country.

The post Ford is Interested in Resuming Car Production for Export in India appeared first on theprimarymarket.com.

The agreement includes a 10% wage increase for workers during the first year, followed by increases of 2% and 3% during the second and third year. In addition, a $10,000 productivity and quality bonus would be awarded to all employees on the active payroll of the company. Also included are increases to monthly basic benefits and special allowances in benefit and hybrid pension plans.

Representing approximately 5,600 Canadian auto workers, Unifor targeted Ford as part of a larger pattern bargaining tactic. By selecting one of the Detroit Three to negotiate with first, Unifor hoped to set the tone for subsequent deals with other companies.

The post Ford Motors Offers Wage Increases of Up to 25% appeared first on theprimarymarket.com.

In addition to its “integral link pushrod and rocker arm architecture,” as is common in race cars, the Mustang GTD will house its all-new rear suspension and spring setup in its rear trunk.

Farley also spoke on the company’s electric vehicle efforts, admitting to an ongoing issue with the Model e. “The [Model] e business, the volume is ok. We spent the first half getting ready to triple production in the fourth quarter, but the profitability is really challenged,” he said, admitting that while consumers have expressed fondness for the car, they are unwilling to pay premium prices.

Still, Farley claimed that the company’s fortunes should improve upon ironing out some issues, many of which revolve around getting customers adjusted to EVs. Human issues such as charging the EV as necessary and planning routes accordingly are proving challenging, with the company looking to assist by expanding its EV charging network.

The post Ford CEO Unveils New Supercar, Provides EV Update appeared first on theprimarymarket.com.

Ford revealed that it would be compensated with “an amount compatible with the market” as a result of the agreement. The company did not disclose the exact amount.

Chinese electric vehicle manufacturer BYD has exhibited an interest in the complex since mid-2022. The company has repeatedly attempted to engage with Ford and the government of Bahia to negotiate the acquisition of the complex.

BYD revealed its continued interest in the complex in a statement explaining that the company “continues with the planning to invest in the Camacari industrial park, maintaining the necessary negotiations with the Bahia government.”

The post Ford Secures Ownership Of Previously-Shut Brazilian Factory Complex appeared first on theprimarymarket.com.

Top-line revenue for Q2 was $45 billion, outpacing an expected $40.17 billion and improving 12% from the $37.91 billion reported a year earlier. Adjusted earnings per share amounted to $0.72, beating the Wall Street consensus estimate of $0.54 per share. Adjusted EBIT amounted to $3.8 billion.

In terms of its full-year guidance, Ford expects its Ford Blue unit as well as its Ford Ford Pro unit to attain an EBIT of $8 billion a piece. The company’s electric vehicle (EV) unit is expected to continue struggling,however, with its Model E unit expected to incur a full-year loss of $4.5 billion.

Still, Ford CEO Jim Farley expects the company to achieve its EV goals despite this hiccup, explaining, “The near-term pace of EV adoption will be a little slower than expected, which is going to benefit early movers like Ford. EV customers are brand loyal and we’re winning lots of them with our high-volume, first-generation products; we’re making smart investments in capabilities and capacity around the world; and, while others are trying to catch up, we have clean-sheet, next-generation products in advanced development that will blow people away.”

The company expects to reach a 600,000-unit EV production run rate in 2024, en route to achieving its manufacturing goal of 2 million EV units per year.

The post Ford Beats Q2 Profit Estimates Amid EV Unit Slump appeared first on theprimarymarket.com.

The F-150 Lightning Pro EV saw its original price of $59,974 drop to $49,995, while other models were discounted between 6% and 15%. The priciest F-150 Lightning model, Platinum EXT Range, went from $98,074 to $91,995.

According to Ford’s announcement, the lower prices will be applied to dealer stock, meaning that the customers who already ordered the EV but didn’t have it delivered will also benefit.

Ford debuted the Lightning series of EVs back in 2021 and had an initial price of $40,000 for the basic model. However, the surging costs and supply chain prompted the automaker to hike the prices on several occasions.

Despite the hiked prices, F-150 Lightning has seen an increase in sales of 119% in the second quarter of 2023. Overall, Ford EVs were up 11.9% in sales for the first half of the year.

While the numbers indicate that the customers were not discouraged by hiked prices of the F-150 Lightning, Ford still decided to make them more affordable. This is likely a result of an increased inventory and could also indicate that new models might be coming in the fall.  

The post Ford Slashes Prices of F-150 Lightning EV By Almost $10K appeared first on theprimarymarket.com.

“While a supplier part shortage is affecting some of our North American plants, we expect to make up all of the production that is impacted,” Ford announced following the snag.

The decision to resume orders comes as Ford aims to scale its annual production to 150,000 units. The company reiterated this plan upon releasing its Q1 fiscal earnings report last Tuesday.

Despite losses in its electric vehicle business, the company’s earnings beat expectations as its traditional car business, known as Ford Blue, saw an increase in sales alongside its Ford Pro fleet operations. The company’s revenue for the first three months of 2023 reached $39.09 billion, beating estimates of $36.08 billion, while its earnings per share were 63 cents, beating estimates of 41 cents per share.

The post Ford Opens Order for F-150 Despite Production Issue appeared first on theprimarymarket.com.