Ford, one of the largest automakers in the world, announced a $1.1 billion loss for its electric vehicle unit, Model E, from April through June. The company cited industry-wide pricing pressure on electric cars and lower wholesale. To mitigate the impact, Ford decided to postpone the production of a new three-row electric SUV and instead focus on boosting the production of its F-Series Super Duty trucks. Despite these setbacks, Ford remains optimistic about its future, with CFO John Lawler stating, "We still have lots of work ahead of us to raise quality and reduce costs and complexity, but the team is committed, and we're heading in the right direction."

Similarly, Stellantis, the owner of popular brands like Dodge, Chrysler, and Alfa Romeo, experienced a 48% decrease in net profits over the first six months of the year, reporting net profit of $6 billion (€5.6 billion). The company attributed this decline to costs incurred from its restructuring plans and a decrease in market share, particularly in North America. Stellantis CEO Carlos Tavares expressed disappointment in the company's performance, acknowledging the challenging industry context and their own operational issues.

Tesla, the well-known electric vehicle manufacturer, faced a 45% drop in profits compared to the previous year, primarily attributed to the company's decision to lower prices and offer low-interest financing to boost sales and compete with rivals like Ford. Despite the dip in profits, Tesla remains a prominent figure in the market, with its stock taking a 12% hit since reporting their second-quarter earnings earlier this week.

General Motors also faced challenges in the auto industry, reporting an unexpected loss in China and adjustments to its plans for self-driving unit Cruise. However, the company's net income saw a rise to $2.93 billion, up from $2.57 billion the previous year.

These profit losses and challenges faced by major players in the auto industry highlight the ongoing difficulties in the current market. As automakers strive to navigate changing consumer demands, pricing pressures, and fierce competition, the road ahead remains uncertain.