Ford stock loses value thanks to slumping SUV sales

Here's all you really need to know about why Ford is suffering in the marketplace. William Clay Ford Jr., speaking to the Associated Press, about the slump in SUV sales and the company's decrease in stock value, said that "the speed with which consumers migrated from gas guzzlers caught the company by surprise".
The AP reports that Ford lost $123 million (7 cents a share) in the quarter. Last year, Ford earned $946 million (47 cents) in the same quarter. Since customers are going for more fuel-efficient vehicles, it makes the company's retreat from recent goals (increased number of hybrids, better fuel mileage SUVs) seem even more self-defeating. What's the company's response? It will announce, "additional restructuring in about 60 days" Ford said.

[Source: Akron Beacon Journal via EV World]

Share This Photo X