Categories Consumer

Ford sits between a downgrade and a new product line-up

Shares of Ford Motor Co. (NYSE: F) stayed down almost 3% in afternoon hours on Tuesday after the company’s credit rating was downgraded by Moody’s to junk status. The agency said Ford was not well-positioned to undertake its $11 billion restructuring due to its weak performance.

During its most recent quarter, Ford reported an 86% dip in profits due to its global redesign and restructuring activities. Lower wholesale units and a decline in market share pulled down revenue by 0.2%. As part of its restructuring activities, Ford has trimmed its product portfolio, closed several factories and cut jobs, especially in Europe.

Meanwhile, at the Frankfurt Motor Show in Germany, Ford unveiled its latest line-up of electric vehicles, which are expected to drive sales that surpass the conventional petrol and diesel models by the end of 2022 in Europe. The line-up includes the new Kuga plug-in hybrid, the Explorer plug-in hybrid, the new Puma EcoBoost Hybrid and the Ford Mondeo Hybrid.    

Ford believes electrified powertrains will account for more than half of the company’s passenger vehicle sales by the end of 2022. By this time, the company expects to sell 1 million electrified passenger vehicles.

Also read: Everything you need to know about Ford stock

Ford will partner with six energy suppliers across Europe to provide home charging wall box installation services and green energy tariffs for plug-in hybrid customers. The company will work with Centrica to offer services in the UK and Ireland.

Ford will also launch a new smartphone and tablet application that will help plug-in hybrid vehicle owners to easily locate, navigate to and pay for charging.

We’re on Apple News! Follow us to receive the latest stock market, earnings and financial news at your fingertips.

Most Popular

What to look for when CVS Health (CVS) reports Q3 earnings

Healthcare company CVS Health Corporation (NYSE: CVS) is all set to report earnings next week, with Wall Street expecting a mixed outcome. The company has been facing challenges in certain

eBay (EBAY): A few factors that helped drive growth in Q3 2024

Shares of eBay Inc. (NASDAQ: EBAY) stayed green on Friday. The stock has gained 32% year-to-date. The ecommerce leader delivered revenue and earnings growth for the third quarter of 2024,

CVX Earnings: Chevron reports lower revenue and profit for Q3 2024

Energy exploration company Chevron Corporation (NYSE: CVX) on Friday announced third-quarter 2024 financial results, reporting a decline in net profit and revenues. Net income attributable to Chevron Corporation dropped to

Add Comment
Loading...
Cancel
Viewing Highlight
Loading...
Highlight
Close
Top