Pickup Profits Mask EV Struggles as BMW, Porsche Slash Jobs and Forecasts
F sits 44% above its 52-week low of $10.68.
Summary
A Reuters industry roundup highlights a stark divide: Ford and GM are riding high on U.S. pickup demand, having already raised profit outlooks, while European and Japanese rivals face severe headwinds. Stellantis posted 6% U.S. sales growth with an 11% jump in high-margin pickups, but BMW saw a 35% quarterly profit drop and a 30% China sales plunge, prompting a review of work practices. Porsche is cutting one in five jobs, and Mercedes scrapped forecasts as Chinese EV competition crushes premium pricing. The article reinforces Ford's near-term strength but underscores the broader legacy auto challenge in transitioning to EVs. This follows Ford's Q2 report two days ago, which raised full-year adjusted EBIT guidance to $10–$11 billion, and a series of strategic moves in energy storage and battery JV restructuring. The piece adds color on why U.S. pickup profits are a temporary moat while the industry's EV pivot lags.
At the time of this announcement, F was trading at $15.35 on NYSE in the Manufacturing sector, with a market capitalization of approximately $60.9B. The 52-week trading range was $10.68 to $17.78. This news item was assessed with neutral market sentiment and an importance score of 7 out of 10. Source: Reuters.