Nightmarish Profit Warnings Have Detroit Reliving Bad Old Days

Washington DC July 26, 2018; The NADA newsletter reported that Bloomberg said that it felt so 2009.

First, General Motors Co. and Fiat Chrysler Automobiles NV reported weak earnings, with both reining in profit forecasts for the year. That sparked sharp sell-offs of their stocks

Then it really got ugly. Ford Motor Co. took the stage and projected $11 billion in charges linked to a restructuring plan that will take as long as five years to play out.

The already-struggling company that had touted plans to cut $25.5 billion in costs in the coming years left analysts wanting more detail and subjecting Chief Executive Officer Jim Hackett to harsh questioning.

Not since the financial crisis and Carpocalypse have Detroit automakers had so much bad news in one day.

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