Ford Motor Co., whose executives predicted that the auto industry was facing challenges, saw its net income drop by 47% to $1.08 billion during the third quarter.
The third quarter is generally regarded as the toughest for automakers because they have to absorb the high cost of models change over. However, rival automakers, such as General Motors, Fiat Chrysler Automobiles N.V. and Daimler AG, have already reported their earnings increased during the third quarter.
“This quarter we delivered key elements of our growth plan by fortifying our core business, with the launch of the all-new Super Duty pickup, transforming Lincoln with the new Continental and investing in emerging opportunities with the acquisition of the Chariot crowd sourced shuttle service. Importantly, we remain on track to deliver one of our best profit years ever,” noted Mark Fields, Ford’s chief executive officer. (more…)