Ford Falls Further Behind Tesla After Musk-Like Mistakes
- Shares drop as much as 10% on costly Explorer, F-150 launches
- Tesla turns page on sedan struggle by accelerating the Model Y
Photographer: Jeff Kowalsky/Bloomberg
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Ford Motor Co., founded 100 years and 15 days before Tesla Inc., is paying the price for a sudden role reversal: It’s now the one struggling to produce a new model on time, at scale and without losing money.
Ford shares fell as much as 10% Wednesday, their biggest intraday drop since July 2016, after the automaker projected lower-than-expected profit for this year and reported that 2019 ended with a quarterly net loss. Costs linked to launching revamped F-150 pickups will hurt upcoming results and extend an earnings slump partly blamed on the botched rollout of its signature SUV, the Explorer.