Ford’s Cost Problem Isn’t Just About EVs

Ford Motor lost about $37,000 on each electric vehicle it sold last quarter. It doesn’t help that the company’s gas-engine business also costs more than it should—a difference from crosstown rival General Motors that investors are ignoring at their peril.

The third-quarter results Ford reported after hours on Thursday weren’t great, with an adjusted operating profit of $2.2 billion. That was better than the same period last year, when the company was forced to put out a profit warning, but worse than the $2.7 billion analysts expected. By way of comparison, GM’s operating profit in the third quarter was $3.6 billion. Ford shares were down about 4% in premarket trading Friday.