Auto manufacturer Ford saw it stock shares crash after the company announced a cost increase in the current quarter due to inflation.
“Based on recent negotiations, inflation-related supplier costs during the third quarter will run about $1.0 billion higher than originally expected,” Ford said in a news release on Sept 19. In addition, the company warned that supply shortages will result in “a higher-than-planned number of ‘vehicles on wheels’ built, but remaining in Ford’s inventory awaiting needed parts, at the end of the third quarter.” Ford is expecting such vehicles to number 40,000–45,000 by the end of the third quarter.
