Slashdot: Ford's Stock Drops 20% After $1.1 Billion Loss on EV Business

Ford's Stock Drops 20% After $1.1 Billion Loss on EV Business
Published on July 28, 2024 at 11:05PM
Ford's stock dropped 20% this week — mostly falling off the cliff Wednesday after failing to meet Wall Street's expectations for its quarterly profits, according to MarketWatch — and notching "another billion-dollar loss on EVs." "The remaking of Ford is not without its growing pains," Ford Chief Executive Jim Farley said on a call with investors after the results. "We look forward to proving our EV strategy out. That has become more realistic and sharpened by the tough environment." Ford is "confident" it can reduce losses and sustain a profitable business in the future, he added. The car maker plans to focus on "very differentiated" EVs priced under $40,000 and $30,000, and on two segments, work and adventure, Farley said. Larger EVs will be part of the picture, but success there will require more breakthroughs on costs, the CEO said, adding that Ford's EV journey overall has been "humbling...." The results included an EBIT loss of $1.1 billion for Ford's EV segment, "amid ongoing industrywide pricing pressure on first-generation electric vehicles and lower wholesales," the car maker said... Ford kept its expectations that the EV business will lose between $5.0 billion and $5.5 billion for the year, "with continued pricing pressure and investments in next-generation electric vehicles," it said. Ford's CEO went on to say that their company is totally open to partnerships for electric vehicles, according to the article. "This is absolutely a flip-the-script moment for our company." Thanks to long-time Slashdot reader sinij for sharing the news.

Comments

Slashdot: AT&T Says Leaked Data of 70 Million People Is Not From Its Systems

AT&T Says Leaked Data of 70 Million People Is Not From Its Systems Published on March 20, 2024 at 02:15AM An anonymous reader quotes a report from BleepingComputer: AT&T says a massive trove of data impacting 71 million people did not originate from its systems after a hacker leaked it on a cybercrime forum and claimed it was stolen in a 2021 breach of the company. While BleepingComputer has not been able to confirm the legitimacy of all the data in the database, we have confirmed some of the entries are accurate, including those whose data is not publicly accessible for scraping. The data is from an alleged 2021 AT&T data breach that a threat actor known as ShinyHunters attempted to sell on the RaidForums data theft forum for a starting price of $200,000 and incremental offers of $30,000. The hacker stated they would sell it immediately for $1 million. AT&T told BleepingComputer then that the data did not originate from them and that its systems were not breached. ...

Slashdot: US Plans $825 Million Investment For New York Semiconductor R&D Facility

US Plans $825 Million Investment For New York Semiconductor R&D Facility Published on November 02, 2024 at 03:00AM The Biden administration is investing $825 million in a new semiconductor research and development facility in Albany, New York. Reuters reports: The New York facility will be expected to drive innovation in EUV technology, a complex process necessary to make semiconductors, the U.S. Department of Commerce and Natcast, operator of the National Semiconductor Technology Center (NTSC) said. The launch of the facility "represents a key milestone in ensuring the United States remains a global leader in innovation and semiconductor research and development," Commerce Secretary Gina Raimondo said. From the U.S. Department of Commerce press release: EUV Lithography is essential for manufacturing smaller, faster, and more efficient microchips. As the semiconductor industry pushes the limits of Moore's Law, EUV lithography has emerged as a critical technology to ...

Slashdot: AT&T, T-Mobile Prep First RedCap 5G IoT Devices

AT&T, T-Mobile Prep First RedCap 5G IoT Devices Published on October 15, 2024 at 03:20AM The first 5G Internet of Things (IoT) devices are launching soon. According to Fierce Wireless, T-Mobile plans to launch its first RedCap devices by the end of the year, while AT&T's devices are expected sometime in 2025. From the report: All of this should pave the way for higher performance 5G gadgets to make an impact in the world of IoT. RedCap, which stands for reduced capabilities, was introduced as part of the 3GPP's Release 17 5G standard, which was completed -- or frozen in 3GPP terms -- in mid-2022. The specification, which is also called NR-Light, is the first 5G-specific spec for IoT. RedCap promises to offer data transfer speeds of between 30 Mbps to 80 Mbps. The RedCap spec greatly reduces the bandwidth needed for 5G, allowing the signal to run in a 20 MHz channel rather than the 100 MHz channel required for full scale 5G communications. Read more of this story at...

Shameless Plug

Search This Blog