Ford Motor Co (F.N) on Thursday withdrew its full-year results forecast due to the pending ratification of its deal with the United Auto Workers (UAW) union, and warned of higher losses on electric vehicles, sending shares of the company down nearly 5% after-hours.
Ford logo is pictured at the 2019 Frankfurt Motor Show in Frankfurt, Germany September 10, 2019. REUTERS/Wolfgang Rattay/File Photoon Thursday withdrew its full-year results forecast due to the pending ratification of its deal with the United Auto Workers union, and warned of higher losses on electric vehicles, sending shares of the company down nearly 5% after-hours.
Like many of its competitors, Ford is "trying to find the balance between price, margin and EV demand," Lawler said.earlier this week also withdrew its 2023 results forecast and said it would delay by a year the opening of an electric truck plant in Michigan. Ford said its EV unit posted a higher-than-expected loss in earnings before interest and taxes of $1.3 billion. The company has forecast a full-year loss of $4.5 billion for the Ford Model e unit.
Ford's third-quarter revenue rose 11% to $44 billion, with profit of $1.2 billion compared with a year-earlier loss of $827 million.
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