Ford Motor Company’s second quarter financial results were weak as the company continues to bring to market a fresh lineup of products that are supposed to build on its strengths. This is before a possible but likely looming recession.
Overall, Ford’s reported net income was $148 million, net income margin was 0.4%, and earnings per share (EPS) was $0.04, all were down as a result of the latest ongoing global redesign and restructuring activities, primarily in Europe and South America. Those initiatives accounted for $1.2 billion of charges for special items. The company’s adjusted EBIT of $1.7 billion and adjusted EBIT margin of 4.3% were both flat. Adjusted EPS was $0.28.
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Eaton Links with KPIT on Electrified Mobility Technologies
Eaton said today it has chosen global technology company KPIT to support the development of electrified mobility technologies for its eMobility business unit. No terms were disclosed. The eMobility business wants to capitalize on a global vehicle electrification market optimistically projected to grow to 15 million pure battery-electric vehicles by 2030. Continue reading →