Ford Motor Company has unveiled a new way to experience one of America’s most iconic cars. The automaker on Saturday opened "American Icon: A Mustang Immersive Experience," a limited-time installation in Los Angeles that features visual effects and Hollywood vehicles to celebrate six decades of the Mustang.Inspired by popular immersive art exhibits, the experience takes visitors through a sensory journey of the Mustang’s history and cultural impact, according to Ian Cohen, head of creative and content for g ...

Core Insights - Ford experienced a modest sales increase of 1.6% year over year in October, with total sales reaching 175,584 units, primarily driven by strong demand for gasoline-powered vehicles [1][11] - However, there is a significant divergence between Ford's traditional business and its electric vehicle (EV) ambitions, as EV sales sharply declined following the expiration of federal tax incentives [2][12] Sales Performance - Year-to-date, Ford's U.S. deliveries have increased by 6.6% to 1.83 million vehicles [1] - In October, Ford's EV sales fell nearly 25% year over year to 4,709 units, with the Mustang Mach-E and F-150 Lightning also experiencing declines [4][11] - The company sold 74,309 EVs year to date, reflecting a modest increase of 0.5% from the previous year [3] Impact of Federal Incentives - The expiration of the $7,500 federal EV tax credit at the end of September led to a significant drop in EV sales, highlighting the dependency on such incentives [3][5] - Leasing accounted for 71% of financed EV purchases in September but dropped to 60% in October, coinciding with a rise in average transaction prices from $60,167 to $65,021 [5] Gasoline Vehicle Sales - While EV sales declined, Ford's gasoline vehicle sales rose, with truck sales increasing by 4.9% in October to 105,771 units [7][11] - Notable gains were seen in models such as the Bronco (up 14.4%), Ranger (up 48%), and gas-powered Mustang (up 43%) [8] Hybrid and Luxury Vehicle Sales - Hybrid sales softened by 4% to 17,498 units in October, but were up nearly 20% year to date [9] - Ford's luxury brand Lincoln faced challenges, with overall sales down 13.4% to 8,100 units, despite a 37.6% increase in Navigator deliveries [9] Future Outlook - Ford's ability to balance its profitable legacy business with its emerging EV segment will be crucial, especially in a challenging environment without federal incentives [12][13] - The company must focus on recalibrating production, managing costs, and reigniting demand to sustain growth in the EV market [13]

Financial Data and Key Metrics Changes - The company reported a record revenue of $50.5 billion and adjusted EBIT of $2.6 billion, with a year-over-year revenue growth of over 9% [7][18] - Adjusted free cash flow was strong at $4.3 billion for the third quarter, totaling $5.7 billion year to date, with nearly $33 billion in cash and $54 billion in liquidity [19][20] - The adjusted EBIT guidance for 2025 was updated to between $6 billion and $6.5 billion, reflecting a net tariff headwind of $1 billion [24][25] Business Line Data and Key Metrics Changes - Ford Pro delivered revenue of $17.4 billion and EBIT of $2 billion, with revenue and volume growth of 11% and 9% respectively [20] - Ford Model e experienced revenue and volume growth driven by new product introductions in Europe, but EBIT losses increased due to lower net pricing and higher spending on next-generation vehicles [21] - Ford Blue achieved EBIT of $1.5 billion, with revenue growth exceeding wholesale unit growth, despite higher costs driven by tariffs [22] Market Data and Key Metrics Changes - The total U.S. market share grew to 12.8%, with significant contributions from key products like F-150, Bronco, Explorer, and Expedition [16] - The industry conditions were strong, with a seasonally adjusted annual rate (SAR) of 17 million and positive pricing trends [15] - The company expects a U.S. industry SAR of about 16.8 million units for 2025 [24] Company Strategy and Development Direction - The Ford Plus plan aims to capitalize on regional market trends, customer fragmentation, and increasing competition, particularly from Chinese OEMs [9] - The company is focusing on hybrids and has a universal EV platform ready for production, with plans to launch next-generation EVs by 2027 [10][19] - Strategic partnerships and innovation are emphasized as essential for achieving cost efficiency and quality improvements [10][11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to recover from the Novelis fire impact and highlighted a proactive approach to securing alternative aluminum sources [6][7] - The management noted that the evolving emissions landscape could eliminate compliance headwinds, allowing for a more optimized mix of ICE, hybrids, and EVs [25][105] - The company anticipates a strong fourth quarter, supported by ample inventory and a disciplined approach to market opportunities [16][19] Other Important Information - The company announced a regular dividend of $0.15 per share, payable on December 1 [19] - The company is committed to maintaining its investment-grade rating and returning capital to shareholders [19] Q&A Session Summary Question: Clarification on Novelis impact recovery - Management confirmed that the Hot Mill at Novelis is expected to be operational by late November, with plans to recover lost production in 2026 [29][30] Question: Warranty cost improvements - Management indicated that warranty costs were down year-over-year, with expectations for further reductions in the coming year [36][40] Question: Industry pricing discipline - Management expressed confidence in maintaining industry pricing discipline due to strong segment drivers and a fresh product lineup [42][44] Question: Emissions rules and profit opportunities - Management discussed the potential multibillion-dollar opportunity from new emissions rules, emphasizing the importance of optimizing vehicle mix [47][50] Question: Tariff impacts and guidance - Management clarified that the recent tariff policy changes would result in a net benefit of $1 billion, impacting the overall guidance positively [60][62] Question: EV losses and future expectations - Management acknowledged the challenges of EV profitability but indicated that they would provide updates after the fourth quarter [96][97] Question: Customer financing strategies - Management highlighted the success of a recent financing program aimed at subprime customers, which did not negatively impact average FICO scores [74][76]

Financial Data and Key Metrics Changes - The company reported a record revenue of $50.5 billion and adjusted EBIT of $2.6 billion for the quarter, with a year-over-year revenue growth of over 9% [7][19] - Adjusted free cash flow was strong at $4.3 billion for the quarter, totaling $5.7 billion year-to-date, with nearly $33 billion in cash and $54 billion in liquidity [20][19] - The company expects adjusted EBIT guidance for 2025 to be between $6 billion and $6.5 billion, reflecting a $1 billion net headwind from tariffs [25][19] Business Line Data and Key Metrics Changes - Ford Pro delivered revenue of $17.4 billion and EBIT of $2 billion, with revenue and volume growth of 11% and 9% respectively [21] - Ford Model e experienced revenue and volume growth driven by new product introductions in Europe, but EBIT losses increased due to lower net pricing and higher spending on next-generation vehicles [22] - Ford Blue achieved EBIT of $1.5 billion, with revenue growth exceeding wholesale unit growth, despite higher costs driven by tariffs [23] Market Data and Key Metrics Changes - The total U.S. market share grew to 12.8%, with significant contributions from key products like F-150, Bronco, Explorer, and Expedition [17] - The company continues to lead the hybrid truck market with about 70% share, and the all-new Expedition gained over three points of segment share [17] - The industry conditions were strong, with a seasonally adjusted annual rate (SAR) of 17 million and positive pricing trends [16] Company Strategy and Development Direction - The Ford+ plan aims to capitalize on regional market trends, fragmented customer needs, and increasing competition, particularly from Chinese OEMs [9] - The company is focusing on hybrids and developing a universal EV platform to meet future market demands, with production of LFP cells expected to start later this year [10] - Strategic partnerships and innovation are emphasized to achieve cost efficiency and quality improvements [10][14] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the underlying business performance, despite challenges from the Novelis fire and tariff impacts [24][25] - The company anticipates a gradual recovery from the Novelis incident, with plans to mitigate production losses in 2026 [30] - Management highlighted the importance of adapting to evolving customer demands and regulatory changes in the EV market [64][104] Other Important Information - The company announced a regular dividend of $0.15 per share, payable on December 1st [20] - The management team emphasized the need for a disciplined approach to inventory management and market opportunities [17] Q&A Session Summary Question: Clarification on Novelis recovery - Management confirmed that the hot mill at Novelis is expected to be operational by late November, with plans to recover lost production in 2026 [30][31] Question: Impact of chip supply disruptions - Management indicated that they are actively working with U.S. and Chinese administrations to resolve chip supply issues, which are critical for production [33] Question: Warranty cost improvements - Management noted that warranty costs were down year-over-year, with expectations for further reductions in the coming year [40][41] Question: Industry pricing discipline - Management expressed confidence in maintaining pricing discipline due to strong segment drivers and a fresh product lineup [42][44] Question: Emissions compliance opportunities - Management discussed the potential for significant cost savings and optimization of vehicle mix due to changes in emissions regulations [48][104] Question: Guidance comparison - Management clarified that the updated guidance reflects strong performance in the core business, with improvements in material costs and credit performance [53][107]

Financial Data and Key Metrics Changes - The company reported a record revenue of $50.5 billion and adjusted EBIT of $2.6 billion for the third quarter, with a year-over-year revenue growth of over 9% [8][27]. - Adjusted free cash flow was strong at $4.3 billion for the third quarter, totaling $5.7 billion year-to-date [28]. - The company ended the quarter with nearly $33 billion in cash and $54 billion in liquidity, highlighting a strong balance sheet [28]. Business Line Data and Key Metrics Changes - Ford Pro achieved revenue of $17.4 billion and EBIT of $2 billion, with a robust double-digit margin and a 119% growth in revenue and volume [30]. - Ford Model E experienced revenue and volume growth driven by new product introductions in Europe, but EBIT losses increased due to lower net pricing and increased spending on next-generation vehicles [30]. - Ford Blue achieved EBIT of $1.5 billion, with revenue growth exceeding wholesale unit growth, despite higher costs driven by tariffs [33]. Market Data and Key Metrics Changes - The total U.S. market share grew to 12.8%, with significant contributions from key products like F-150, Bronco, Explorer, and Expedition [24]. - The company continues to lead the hybrid truck market with approximately 70% market share [24]. - The industry conditions were strong, with a seasonally adjusted annual rate (SAAR) of 17 million units and positive pricing trends [24]. Company Strategy and Development Direction - The company is focused on its Ford Plus plan, which aims to capitalize on key market trends, including regional strategies and tailored services for retail and commercial customers [11][12]. - The strategy emphasizes innovation, cost efficiency, and partnerships to close the cost gap and achieve world-class quality [15]. - The company is prioritizing hybrids and developing an affordable EV platform, with production expected to start in 2027 [14][38]. Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the underlying business performance, tracking at the high end of adjusted EBIT guidance for 2025, despite challenges from the Novelis fire and tariffs [35][36]. - The company anticipates a headwind of $1 billion or less from Novelis in 2026 and expects to mitigate at least $1 billion in 2026 related to the Novelis impact [36][37]. - Management highlighted the importance of adapting to evolving customer and market realities for EVs, indicating a proactive approach to scaling fixed costs [32]. Other Important Information - The company announced a regular dividend of 15 cents per share, payable on December 1, reflecting a commitment to returning capital to shareholders [28]. - The company is actively working to improve its warranty costs, with a year-over-year reduction of $450 million in warranty expenses [56]. Q&A Session Summary Question: Clarification on Novelis recovery - Management confirmed that the hot mill at Novelis is expected to be operational by late November, with a quick ramp-up anticipated [43]. Question: Potential disruption from chip supply issues - Management indicated that they are working with U.S. and Chinese administrations to resolve supply issues and are maximizing their purchases of necessary components [46]. Question: Warranty cost improvements - Management noted that warranty costs were down year-over-year, with expectations for continued reductions in total costs [53][56]. Question: Industry pricing discipline - Management expressed confidence in maintaining pricing discipline due to strong segment drivers and a fresh product lineup [61]. Question: Emissions rules and compliance costs - Management discussed the potential multibillion-dollar opportunity from new emissions rules, emphasizing the ability to minimize compliance costs [66][68]. Question: Profit trends in the core business - Management highlighted strong performance in the core business, with material cost improvements and solid pricing and volume contributing to the outlook [72]. Question: Tariff impacts for next year - Management clarified that the tariff impacts for next year are expected to be similar to this year, with a net impact of around $1 billion [78][81].

Financial Data and Key Metrics Changes - Ford reported a record revenue of $50.5 billion and adjusted EBIT of $2.6 billion for Q3 2025, with a year-over-year revenue growth of over 9% [5][17] - Adjusted free cash flow was strong at $4.3 billion for Q3, totaling $5.7 billion year-to-date, with nearly $33 billion in cash and $54 billion in liquidity [18][22] - The company expects adjusted EBIT guidance for 2025 to be between $6 billion and $6.5 billion, reflecting a net tariff headwind of $1 billion [23][24] Business Line Data and Key Metrics Changes - Ford Pro delivered revenue of $17.4 billion and EBIT of $2 billion, with revenue and volume growth of 11% and 9% respectively [18][19] - Ford Model e experienced increased revenue and volume driven by new product introductions in Europe, but EBIT losses increased due to lower net pricing and higher spending on next-generation vehicles [19] - Ford Blue achieved EBIT of $1.5 billion, with revenue growth exceeding wholesale unit growth [20] Market Data and Key Metrics Changes - Ford's total U.S. market share grew to 12.8%, with significant contributions from key products like F-150, Bronco, and Expedition [15] - The industry conditions in the U.S. were strong, with a seasonally adjusted annual rate (SAR) of 17 million and positive pricing [14] - The company anticipates a U.S. industry SAR of about 16.8 million units for 2025 [23] Company Strategy and Development Direction - The Ford Plus plan aims to enhance market competitiveness by focusing on regional strategies, tailored services, and digital solutions [7] - The company is prioritizing hybrids and developing an affordable EV platform expected to launch in 2027 [8][24] - Ford is adapting to evolving market conditions, including the anticipated reduction in compliance costs due to changes in emissions regulations [24][94] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to recover from the Novelis fire impact, with plans to add up to 1,000 new jobs to increase F-series production [5][27] - The management highlighted the importance of innovation and cost efficiency in a capital-intensive environment, emphasizing the need for smart partnerships [8] - The company remains committed to maintaining its investment-grade rating and returning capital to shareholders [18] Other Important Information - Ford's industrial system has shown consistent cost improvements, with a net $1 billion improvement expected this year, excluding tariff impacts [11] - The company is actively working to mitigate the impact of tariffs and production disruptions on working capital [23] Q&A Session Summary Question: Clarification on Novelis recovery - Management confirmed that Novelis' Hot Mill is expected to be operational by late November, with plans to recover lost production in 2026 [27][29] Question: Warranty cost improvements - Management indicated that warranty costs were down year-over-year by $450 million, with expectations for further reductions in the coming year [40][41] Question: Industry pricing discipline - Management expressed confidence in maintaining industry pricing discipline, citing strong underlying segment drivers and a fresh product lineup [42][44] Question: Emissions rules impact - Management discussed the potential multibillion-dollar opportunity from new emissions rules, emphasizing the ability to optimize vehicle mix and reduce compliance costs [47][51] Question: 2026 guidance and cost expectations - Management provided insights on expected tailwinds and headwinds for 2026, including cost improvements and the impact of Novelis [103]

Core Viewpoint - The potential implementation of 25% tariffs on heavy-duty trucks and parts poses significant challenges for American manufacturers like Ford, impacting their competitiveness and future investments [2][3][7]. Tariffs and Their Impact - The Trump administration is considering 232 tariffs for heavy-duty trucks, which could greatly affect companies like Ford and Packard that manufacture these vehicles in the U.S. [1][2]. - A 25% tariff on parts not produced in the U.S. could create a $2 billion headwind for Ford, restricting future investments [3][2]. - The need for flexibility in importing parts is emphasized, as 20-30% of parts are required to be imported without high tariffs to maintain affordability [6][7]. Market Dynamics - The car industry in the U.S. is rapidly regionalizing, with concerns about the competitiveness of domestically produced vehicles compared to imports from Asia and Europe [4][5]. - Currently, 50% of vehicles sold in the U.S. are imported, with foreign manufacturers benefiting from labor and currency advantages [7]. Innovation and Strategy - Ford is focusing on innovation to compete with subsidized vehicles from companies like BYD, launching a universal electric vehicle platform in Louisville [8][9]. - The company acknowledges the need to offer a range of vehicles, including hybrids and affordable EVs, rather than committing to an all-electric future [12][13]. Future Outlook - Ford has not made a definitive statement about becoming all-electric, instead opting for a diverse product range to meet customer needs [11][12]. - The company has been a strong competitor in the EV market, ranking second to Tesla, and is focusing on more practical electrification options like hybrids [13][14].

Core Points - Ford Motor Co. has issued a recall for its F-250, F-350, and F-450 pickup trucks due to a defect that may lead to steering issues [1] - The recall affects over 115,539 units from the 2020-2021 model years, with the defect potentially causing the upper shaft of the steering column to detach, resulting in a loss of steering control [2] - Ford dealers will replace the steering column free of charge as a remedy for the issue [2] Additional Recalls - This recall is part of a series of recalls by Ford, which recently included over 197,000 units of the Mustang Mach-E due to issues that could trap rear seat occupants after front seat passengers exit [4] - Ford also recalled 1.4 million vehicles in the U.S. related to rear camera issues, affecting various models including the Lincoln MKC, Mustang, F-Series trucks, and others [5] - Additionally, 800,000 Ford and Lincoln vehicles were recalled for separate issues, including brake fluid leaks and defective taillights [5] - Recently, Ford recalled 101,944 2016-2019 Taurus sedans due to a potential issue with the B-Pillar that could cause door trim detachment while driving [6]

Group 1 - Ford is relocating its headquarters from the "Glass House" in Dearborn, Michigan, to a new site that will officially open in November, with the move expected to be completed by the first half of 2026 [1][2] - The new Ford World Headquarters will span 2.1 million square feet, making it twice the size of the current headquarters, and aims to consolidate engineering, design, and technology teams in one location [2][8] - The new campus will be named the Henry Ford II World Center, honoring the grandson of founder Henry Ford, and will accommodate 14,000 employees within a 15-minute walk [3] Group 2 - The new headquarters will include six design studios, a product review showroom, a 160,000-square-foot food hall, wellness and mother's rooms, and over 300 tech-enabled meeting rooms [6] - The site of the new headquarters was previously the Ford Product Development Center, which opened in 1953 and was notable for the first-ever use of closed-circuit TV during its dedication [6] - Iconic vehicles such as the Mustang, Thunderbird, and F-Series trucks were developed at the current Dearborn campus [7]

Group 1 - Ford is recalling nearly 1.5 million vehicles in the U.S. due to a rear view camera issue that may show a blank or distorted image, increasing the risk of a crash [2][3] - The recall affects specific models from 2015 to 2019, including Lincoln Navigator, Lincoln MKC, Mustang, Ranger, Transit, and several others [3] - The National Highway Traffic Safety Administration reported that Ford is aware of 18 accidents related to the camera issue, but no injuries have been reported [3] Group 2 - Vehicle owners will be notified by mail and instructed to take their vehicles to a Ford or Lincoln dealer for inspection and potential replacement of the rear view camera, with no charge for the service [4]