Ford reported an EBIT loss of $1.2 billion for its Model e EV division in Q3, anticipating a full-year loss of about $5 billion.
Despite the challenges in the Model e division, Ford achieved a Q3 revenue of $46 billion, marking a 5% rise year-over-year for the tenth consecutive quarter.
CEO Jim Farley expressed confidence in Ford's strategic decisions, stating that the company is positioned advantageously compared to competitors amid an industry transformation.
Ford identified $500 million cost improvements this year, yet faced pricing pressure, projecting significant financial upside as they focus on cost and quality.
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