Much like its US competitor General Motors, Ford recorded a generally positive Q3 2024 with several caveats. Released on 28 October, its financial report stated revenue was up 5.5% year-on-year at US$46.2bn and adjusted EBIT improved by US$352m to US$2.6bn. At the same time, full-year EBIT is now US$10bn—the lower end of the previously advised US$10bn-12bn scale—and net income for Q3 was US$900m, down from US$1.2bn in 2023.
Ford explained the diminished performance as primarily a consequence of strategically reshuffling its electric vehicle (EV) business: dropping a planned three-row SUV and pushing back two new battery-powered pick-up models to 2027. The company hopes that doing so will provide breathing room to reduce production costs—particularly for batteries—and ultimately make EVs more affordable and accessible.
