Ford battles market forces and the cost of reorganising

Ford’s Q3 2024 results were impacted by detrimental market conditions as it seeks to make tough decisions for its future business. By Will Girling

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. This change of course cost approximately US$1bn. 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.