Hyperdrive
Ford Slides as CEO Says $2 Billion Profit Left ‘on Table’
- Management increases cost-cutting goal beyond $3 billion mark
- Ford CFO on productivity: ‘We just need to do more with less’
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Ford Motor Co. shares tumbled the most in four months after the carmaker missed earnings expectations, blaming poor execution and continued supply shortages.
The results show Ford is struggling to balance the transition to electric cars from combustion vehicles. The company is counting on strong sales of gas-burning F-Series pickups and Bronco sport utility vehicles to help foot the $50 billion that Chief Executive Officer Jim Farley has committed to developing and building EVs.