Ford profit disappoints, stock falls 11% as quality issues dog automaker
-Ford Motor reported a dip in second-quarter adjusted profit on Wednesday as the automaker continues to battle costly quality issues and an EV business that is weighing on its bottom line, sending shares tumbling 11% in after-hours trading.
The Ford chief has made fixing the automaker's quality problems a priority since he took the helm in October 2020. Since then, Ford has hired a new executive director of quality and transformed some of its production practices to avoid errors, but has still topped the industry in number of recalls. On the battery-powered front, Farley is focusing the company's efforts on expanding its global hybrid portfolio by 40% this year as well as developing a platform for a lineup of affordable, smaller electric vehicles, which Ford is doing out of its California-based"skunk works" team.
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