Argo AI folds, Ford CEO Jim Farley says autonomous vehicles ‘a long way off’


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.