29/10/2024  Automaker Ford weakens profit outlook amid price war, shares fall

Business


Ford Motor (F.N) said on Monday it expects to hit the lower end of its full-year profit guidance, dropping the company's shares 5% in after-hours trading, as a price war hits the U.S. automaker's bottom line.

Ford expects to earn about $10 billion in earnings before interest and taxes this year, down from its prior range of $10 billion to $12 billion.
"No doubt, there's a global price war, and it's fueled by over-capacity, a flood of new EV nameplates and massive compliance pressure," CEO Jim Farley said on a call with analysts.



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