About a week after Elon Musk's"mini disaster" during Tesla's third-quarter earnings call sent the company's stock tumbling, Ford shares also dropped after withdrawing its 2023 guidance and warning that its own electric vehicle business is doing worse than expected.
"Tesla actually gave us a huge gift with the laser focus on cost and scaling the Model Y. They set the standard, and we are now making real progress on our second and third cycle EVs that are in the midst of being developed today, as we get closer to the introduction," Farley said.by 20,000 vehicles and reported that total gross margins fell to about 18% from more than 25% in the year ago period.
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