The automaker’s adjusted profit margin fell by almost half, to 4.6 percent, while revenue rose 10 percent, to $39.4 billion.
Lawler told journalists that Ford’s Q3 results “could have been better” but that the automaker was encouraged by its $3.8 billion operating cash flow. It now expects full-year adjusted earnings to come in at about $11.5 billion, at the low-end of the $11.5 billion to $12.5 billion guidance it had previously given.
Ford said its third-quarter results were marred by Argo AI’s inability to attract new investors — resulting in a $2.7 billion non-cash, pretax impairment on its previous investments in the company. As Argo winds down, Ford now plans to halt spending on Level 4 advanced driver-assist systems to focus on lower-level advanced systems that can be deployed sooner.