However, Ford’s net income was $667 million, a margin of 1.7%, which included a mark-to-market loss of, gulp, $2.4 billion on Ford’s stake in Rivian. Ford is also in the process of slashing costs under its latest restructuring plan, but refused to comment on pending job cuts.

Ford quality problems and ongoing recalls remain an expensive and reputation damaging trends. [General Motors Co. (NYSE: GM) yesterday reported second-quarter net income attributable to stockholders of $1.7 billion and EBIT-adjusted of $2.3 billion.]