...February 8, 2024 NEW YORK (S&P Global Ratings) Feb. 8, 2024--S&P Global Ratings today said that Ford Motor Co.'s (###-/Stable/A-3) recent earnings results and guidance support our ratings expectations through 2025 given solid momentum in its Ford Pro (commercial vehicle franchise), which should help offset the greater losses in its Model E segment. We expect gradual cost reduction over the next 24 months will nearly offset higher labor-related costs and rising pricing pressure amid slowing auto demand from retail customers. We incorporate haircuts in our forecasts (relative to the company's stated targets) to reflect the risk of potential delays in cost reduction, higher pricing pressure in its Blue segment, and larger ongoing losses in its Model E segment through 2025. As a result, we estimate Ford's EBITDA margins (including restructuring costs and standard S&P Global Ratings adjustments) to be just above 8% in 2024, with only a modest improvement in 2025. The company's slow progress...
