Ford Motor Co. warned investors it’s embarking on a costly restructuring that will take years and punctuated an ugly day for Detroit’s big carmakers, with all three cutting their 2018 profit forecasts. The shares fell in late trading.
The second-largest U.S. automaker expects to rack up $11 billion in charges over the next three to five years, as it exits businesses beyond North American sedans. A stale product lineup in Asia and costs to comply with tougher emissions rules in Europe contributed to both regions swinging to losses in the second quarter. The struggles Ford is having with those operations spurred the decision to slash its earnings projection for this year.
