Ford Saw Recession-level Losses To End 2025

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Happy Monday! It's February 11, 2026, and this is The Morning Shift — your regular roundup of nan apical automotive headlines from astir nan world, successful 1 place. This is wherever you'll find nan astir important stories that are shaping nan measurement Americans thrust and get around.

In this morning's edition, we're looking astatine Ford's inauspicious extremity to 2025, arsenic good arsenic Ferrari's amended numbers. We'll besides look astatine Hyundai shareholders' request for robots, and Harley-Davidson's desperation for a bully thing.

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2025 was a unsmooth twelvemonth for automakers, what pinch nan tariffs connected cars and nan tariffs connected materials and nan ever-shifting regulatory scenery of what's really allowed aliases incentivized, and each that instability caused a superior deed astatine Ford — a deed nan institution hasn't seen since 2008. From Automotive News:

Failed investments successful money-losing electrical vehicles and a late-year disruption of aluminum supplies for F-Series pickups drove Ford Motor Co. to an $11.1 cardinal nett nonaccomplishment successful nan 4th quarter, resulting successful nan automaker's worst financial capacity since 2008.

Fourth-quarter gross declined 5 percent to $45 cardinal and adjusted net earlier liking and taxes plunged by much than half to $1 billion.

For nan full-year, Ford mislaid $8.2 billion, mostly because of its EV write-downs and $2 cardinal successful tariffs. The automaker's 2025 tariff measure ended up astir doubling its erstwhile projection pursuing a late-year alteration to offsets by nan Trump administration.

It was Ford's third-worst capacity ever and 3rd full-year nonaccomplishment successful nan past six years.

Automotive News is speedy to blasted EVs for Ford's losses, but that's not nan full story. In fact, BYD — noted best-selling EV shaper successful nan world — outsold Ford globally for nan first time. Not conscionable successful EVs, successful each vehicles. From Bloomberg:

Ford Motor Co. mislaid retired to BYD Co. successful world conveyance income for nan first clip past twelvemonth arsenic nan Chinese shaper continued its climb up nan rankings of nan world's largest automakers.

Ford's wholesales dropped almost 2% past twelvemonth to conscionable awkward of 4.4 million, short of nan 4.6 cardinal conveyance income BYD reported successful January. The fig nan US automaker disclosed Tuesday confirms BYD has moved up to No. 6 successful nan world income ranks, 1 spot up of Ford.

While Ford's US income roseate past year, it has mislaid crushed successful Europe and peculiarly China, wherever home manufacturers for illustration BYD, Xiaomi Corp. and Geely Automobile Holdings Ltd. person grabbed marketplace stock from overseas automakers pinch affordable, tech-laden EVs.

EVs are still moving globally, it seems. Just, not for Ford. 

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While makers of comparatively affordable cars for illustration Ford struggle, makers of high-dollar exclusives for nan able elite are doing gangbusters. Ferrari, for instance, had a awesome 2025 — and is readying an moreover amended 2026. From Bloomberg:

Ferrari NV issued caller targets for 2026 that reassured investors astir nan supercar maker's expertise to prolong maturation and margins done geopolitical turbulence and a awesome merchandise transition.

The shares surged arsenic overmuch arsenic 11% aft nan luxury Italian carmaker reported gross and profit that hit analysts' expectations, and said net this twelvemonth will travel successful higher than estimates.

The results constituent to easing concerns complete nan effect of tariffs, nan falling US dollar and volatility successful location demand. Investor assurance was shaken successful October erstwhile nan institution issued a disappointing semipermanent outlook, while taxation changes successful nan UK person dented income successful a cardinal stronghold arsenic able Britons depart for different jurisdictions.

Remember: The money is still retired there. It's conscionable successful nan hands of less and less people. 

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Are robots nan basking caller thing, pinch shareholders astir nan world expecting real, functional companies to glom onto the delirium Elon Musk is spewing for Tesla? It seems that way, because shares of Hyundai are trading precocious connected nan specified accusation that it could bring much robots to marketplace pinch its partner, Boston Dynamics. From Reuters:

Robert Playter, main executive of Hyundai Motor Group's robot connection Boston Dynamics is stepping down, nan Waltham, Massachusetts-based institution said connected its X account.

Shares of Hyundai Motor rallied 5.9% successful Seoul trading connected Wednesday arsenic nan activity alteration spurred marketplace anticipation that nan automaker intends to accelerate commercialisation of its robot business.

"The banal appeared to person risen because of nan news astir nan resignation of nan CEO," said James Hong, opens caller tab, Seoul-based expert astatine Macquarie, adding that Playter's squad had been "R&D-oriented" for robot development.

Boston Dynamics makes those creepy robot dogs that governments usage for enforcement, which are astatine slightest mildly useful compared to nan bipedal snake lipid Musk is pushing. This of people intends that the  institution will apt soon pivot backmost to nan bipedal bots connected which it made its name. 

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Wages are depressed, and costs are up, which intends group are having a difficult clip shelling retired for large luxury purchases for illustration Harley-Davidsons. This is simply a bad clip to beryllium a shaper of luxury equipment usually reserved for nan mediate class. From Reuters:

Harley-Davidson outlined plans for a sharper merchandise lineup and tweaks to its e-commerce strategy nether its caller main connected Tuesday, arsenic nan storied motorcycle shaper navigates slowing income amid a broader user pullback connected big-ticket purchases.

Executives described 2026 arsenic a "transition year", a communicative that helped dependable investor sentiment, lifting its shares up 2% aft they had tumbled successful premarket trading connected news of a wider fourth-quarter loss.

"The choppiness and volatility successful world unit results is simply a continuation of what we person observed since mid-2024, pinch a difficult world backdrop successful big-ticket discretionary sectors," Chief Financial Officer Jonathan Root said connected a post-earnings call, adding that pricing remains a privilege for customers.

Sticky ostentation and precocious borrowing costs person squeezed family budgets, prompting Americans to beryllium much discerning astir really and wherever they walk their dollars.

Hopefully Harley tin present immoderate lower-end models this year. I cognize nan institution is reluctant to, aft nan nonaccomplishment of its Street line, but I deliberation it tin study thing important from those bikes: Even buyers of lower-priced machines don't want absolute garbage. 

The Black Plague. Yellow Fever. Consumption. The Red Death. There are truthful galore illness names retired location that genuinely transportation nan panic of nan diseases themselves, and we conscionable ended up pinch COVID-19? Scientists, do better.