Ford joined General Motors Co. and Fiat Chrysler Automobiles NV in lowering forecasts for 2018, making Wednesday arguably the worst day Detroit has seen since the depths of the global financial crisis.
The Fiat-Chrysler CEO demanded full dedication from his aides and had a constant sense of urgency. “I don’t have time for BS,” he used to tell me.
Raw material costs probably will be a $1 billion headwind to profit this year -- roughly double GM’s previous expectation.
During his tenure at Fiat, Marchionne boosted the company’s value more than 10-fold. When he took over both Fiat and Chrysler, he always maintained the companies needed radical change in order to survive.
For GM, the bigger idea is to establish new ways to sell transportation as consumers increasingly use ride-hailing services.
Ford expects to invest $4 billion in its AV efforts through 2023, including its $1 billion investment in Argo AI.
Audi is being led by an interim CEO after former boss’s arrest.