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62Ford
$F (+0,09%) announces the reduction of 4.000 jobs, mainly in Germany 🇩🇪 and Great Britain 🇬🇧.
Ford announced that it would cut around 14% of its European workforce.
The company cited the losses of recent years, the weak demand for electric vehiclesinadequate government support for the transition to e-mobility and competition from subsidized Chinese suppliers. -Bloomberg
Comparison of the net profit in the third quarter of 2024: GM
$GM (-0,09%), Tesla
$TSLA (+0,18%) and Ford
$F (+0,09%)
Comparison of net profit in the third quarter:
-General Motors3.07 billion USD (+0.26 % compared to the previous year)
-Tesla2.17 billion USD (+17 % compared to the previous year)
-Ford1.9 billion USD (-29.6 % compared to the previous year)
Photo: Teslamag
Ford
$F (+0,09%) has started delivery of a new adapter which provides access to 17.800
Tesla $TSLA (+0,18%)-Supercharger-stations in the USA 🇺🇸 and Canada 🇨🇦 - reports Teslarati.
Photo: Ford
Ford
$F (+0,09%) is planning to ramp up production of the F-150 Lightning electric pickup at its factory in Michigan 🇺🇸 by the end of the year as demand for the model continues to fall. declining.
Photo: ford.com
LG Energy has announced that the batteries for the Ford
$F (+0,09%)
Mustang Mach-E from next year in the USA 🇺🇸 will be produced next year.
The Mach-E itself will be manufactured in Mexico 😊🇲🇽, while the batteries have so far been produced in Poland 🇵🇱 are produced in Poland.
29.10.2024
Electric cars continue to bring Ford high losses + VARTA annual report further delayed + Ceconomy's day-to-day business slightly better than expected + SAP wants to significantly expand its partner network
Ford $F (+0,09%) continues to write deep red figures in the electric car business. In the last quarter, the division posted an operating loss of a good 1.2 billion dollars. In contrast, Ford posted earnings before interest and taxes of 1.6 billion dollars for cars with combustion engines and a further 1.8 billion dollars for commercial vehicles. CFO John Lawler pointed out on Monday after the close of the US stock exchange that Ford would reduce the costs of its electric car division by one billion dollars this year. And when developing new electric models, the company is making sure that expenditure is on a par with the cheapest competitors. It is a tough market in which costs play a decisive role, he said on CNBC. Ford shares fell by more than five percent in after-hours trading. The Group is now only expecting adjusted earnings before interest and taxes of ten billion dollars for this year - after a range of ten to twelve billion had previously been given.
The Varta $VAR1 (-0,19%) -annual report for 2023 continues to be delayed. The battery manufacturer, which is struggling to survive and is currently undergoing pre-insolvency restructuring proceedings, is now targeting the end of January 2025 as the publication date. The outstanding quarterly reports for 2024 are also to be presented then. This can be seen in the updated financial calendar on the Swabian company's investor relations website. A company spokesperson justifies the new delay with the financial restructuring in accordance with the German Corporate Stabilization and Restructuring Act (StaRUG). An auditor's certificate and thus a publication are only possible after the completion of this reorganization process. Varta had previously announced the publication for October 30. Information on the first quarter of 2024 should follow in November. (Börsen-Zeitung)
The MediaMarkt and Saturn parent company Ceconomy $CEC (+0,37%) earned slightly more than expected in the past financial year. Based on preliminary figures, earnings before interest and taxes (EBIT) adjusted for special effects were in the upper half of the range of 290 to 310 million euros, the company, which is listed in the second-tier stock index SDax, announced in Düsseldorf on Tuesday. Excluding exchange rate fluctuations and portfolio effects, turnover in the 2023/2024 financial year (as at the end of September) climbed by 5.3 percent to around 22.4 billion euros. On average, analysts had expected slightly less for both key figures. Group CEO Karsten Wildberger is entering the first quarter of the new year "with confidence". In the medium term, he also sees his company on course to achieve its growth targets for the 2025/2026 financial year. According to previous statements, Ceconomy aims to earn more than 500 million euros in day-to-day business (ber EBIT) by then and at the same time grow slightly faster than the market.
The software group SAP $SAP (+0,09%) wants to significantly expand its partner network. Business in the cloud brings with it a different sales approach and more new customers, "the only way to reach everyone is with partners," says the responsible "Chief Partner Officer" Karl Fahrbach to the FAZ. The business will also become more financially lucrative for partners. In a "revenue share model", they receive a larger share of the cake. Among other things, they would receive remuneration if customers extend their cloud contracts, and they could also share in revenues through innovations and industry-specific extensions to the largely standardized cloud software. (FAZ)
Tuesday: Stock market dates, economic data, quarterly figures
ex-dividend of individual stocks
ASML Holding USD 1.66
Alcoa 0.10 USD
Levi Strauss & Registered (A) USD 0.13
Quarterly figures / company dates USA / Asia
11:45 Pfizer quarterly figures
12:00 EU: ECB, allotment of a 3-month long-term tender
12:00 McDonald's Corp, 3Q results
12:15 Paypal Holdings Inc, 3Q results
21:05 Alphabet | Visa | Mondelez | Stryker quarterly figures
21:15 AMD quarterly figures
Untimed: First Solar | JetBlue | Snap Inc | Stanley Black & Decker | Electronic Arts | Corning Quarterly Results
Quarterly figures / Company dates Europe
05:00 HSBC quarterly figures
07:00 Deutsche Lufthansa | Hellofresh | Novartis | OMV | Covestro | Banco Santander quarterly figures | Ceconomy annual sales
07:30 Adidas | Drägerwerk quarterly figures
08:00 BP quarterly figures
08:30 Hellofresh Earnings-Call | Covestro Interview with CEO
10:00 Deutsche Lufthansa Analyst Conference
11:30 OMV Analyst Conference
13:00 Drägerwerk Investor Conference
14:00 Covestro Analyst Conference
15:00 Adidas Analyst Conference
18:00 ASM International quarterly figures
18:05 Saint-Gobain Turnover 9M
Economic data
Ford
$F (+0,09%) has just published its latest quarterly figures.
The earnings per share (EPS) amounted to $0,49 and exceeds expectations of $0,47.
The turnover amounted to $43,1 billion and is also above expectations of $41,9 billion.
Photo: Ford Germany
$F (+0,09%) | Ford Q3'24 Earnings Highlights:
🔹 Adj EPS: $0.49 (Est. $0.49) 🟡
🔹 Revenue: $46.2B (Est. $41.9B) 🟢; UP +5% YoY
🔸 Net Income: $0.9B (vs. $1.2B YoY); Impacted by a $1B EV-related charge
FY24 Outlook:
🔹 Adj EBIT: ~$10B (Prior: $10B-$12B) 🔴 (Est. $10.63B)
🔹 Ford Blue EBIT: ~$5B (Prev. $6B-$6.5B) 🔴
🔹 Ford Pro EBIT: ~$9B
🔹 Model e: Full-year loss of ~$5B
🔹 Ford Credit EBT: ~$1.6B
🔹 Adjusted Free Cash Flow: $7.5B-$8.5B
🔹 Capital Expenditure: $8B-$8.5B
Other Q3 Metrics:
🔸 Adjusted EBIT: $2.6B (UP +$352M YoY)
🔹 Adjusted Free Cash Flow: $3.2B (vs. $1.2B YoY)
Business Segment Performance: Ford Pro:
🔹 Revenue: $15.7B; UP +13% YoY
🔹 EBIT: $1.81B; EBIT Margin: 11.6%
🔹 Driven by strong demand for Super Duty trucks and Transit vans
🔹 Ford Pro Intelligence subscriptions grew 30% to 630,000 users
Ford Blue:
🔹 Revenue: $26.2B; UP +3% YoY
🔹 EBIT: $1.63B; EBIT Margin: 6.2%
🔹 Hybrid vehicle sales UP +30% YoY; Ford commands 77% of U.S. hybrid truck market
🔹 Market share in the U.S. grew by 40 bps to 12.6%
🔹 North America volume UP +8%, offset by discontinued low-margin ICE vehicles
Ford Model e:
🔹 Revenue: $1.2B; DOWN -33% YoY
🔹 EBIT: -$1.2B; Margin: -104.4%
🔹 Industrywide EV pricing pressure, partially offset by $500M cost improvements YoY
Ford Credit:
🔹 EBT: $544M; UP +$186M YoY
Operational Metrics:
🔹 Cash: $28B, Liquidity: $46B
🔹 Operating Cash Flow: $5.5B (vs. $4.6B YoY)
🔹 Wholesale Units: 1.095M (UP +9K YoY)
Strategic Highlights:
🔸 Ford continues to restructure its business under Ford+ to drive higher growth and margins.
🔸 Global hybrid vehicle mix is on track to approach 9% by year-end.
🔸 New product launches: Ford Explorer and Lincoln Aviator (Q3); Maverick, Bronco Sport, Expedition, and Navigator in late 2024 and early 2025.
The market capitalization of Tesla
$TSLA (+0,18%) has risen to 843.50 billion dollars an amount equal to the entire market capitalization of Ford, GM, Stellantis, Rivian and Lucid together.
This is more than a multiple of the total value of the three major US 🇺🇸 car manufacturerswhich breaks down as follows:
-Ford ($F (+0,09%)): 43,3 billion. dollars
-General Motors ($GM (-0,09%)): 57,5 billion dollars
-Stellantis ($STLAM (+0%)): 39,14 billion dollars
The total market value of these three companies currently amounts to 139,9 billion dollars.
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