Ford Motor Co (F) Stock Analysis and Metrics

Investment Thesis

▲ Bull case

Ford's newly launched Ford Energy subsidiary is capturing significant early momentum in the rapidly growing utility-scale battery energy storage market, with a landmark five-year framework agreement to supply up to 20 GWh of DC Block BESS annually to EDF power solutions North America, representing a total potential volume of 20 GWh over the term. This positions Ford Energy as a key supplier for grid-scale energy storage projects across the United States, with deliveries expected to begin in 2028, validating the market's need for a BESS supplier combining industrial-scale manufacturing discipline with full lifecycle accountability. The agreement underscores the scale of demand emerging for domestically supplied, utility-grade energy storage and reflects both companies' commitment to accelerating deployment of reliable, long-duration storage infrastructure that strengthens the U.S. power grid. Ford Energy's standardized, containerized DC Block system—rated at 5.45 MWh per unit with 2-hour and 4-hour discharge configurations—is designed for utility-scale applications including frequency regulation, voltage support, energy arbitrage, peak load shifting, demand response, backup power, and microgrid integration, leveraging Ford's century of manufacturing experience and proven industrial scale. With EDF power solutions having 26 gigawatts of developed projects and 17 gigawatts under service contracts globally, this partnership provides Ford with substantial visibility into a multi-billion dollar addressable market that complements its EV ambitions while diversifying revenue beyond cyclical auto sales. The subsidiary's focus on traceability, lifecycle support, and domestic manufacturing aligns with grid operators' requirements for supply chain reliability and product quality, creating a durable competitive advantage in an energy transition where long-term operational confidence is paramount. This early traction suggests Ford Energy could evolve into a material profit center well before 2030, especially as data centers and commercial/industrial customers surge in demand for backup power amid AI-driven electricity strain on U.S. energy infrastructure.
Ford's Universal Electric Vehicle (UEV) platform, developed from a clean-sheet design in its Long Beach skunk works, represents a structural cost and efficiency breakthrough critical to transforming the loss-making Model e unit toward breakeven by 2029, with the first product—a roughly $30,000 midsize electric pickup truck—expected to launch next year. The UEV platform enables 20% fewer parts versus a Ford Mustang Mach-E EV, 25% fewer fasteners, 40% fewer workstations dock to dock in the plant, and 15% faster assembly time, directly addressing the core cost disadvantage that has plagued Ford's EV ambitions. By utilizing megacasting for structural components—reducing front and rear structural parts from 146 on the gas-powered Maverick to just two on the UEV-based pickup—and leveraging a U.S.-produced lithium iron phosphate battery pack with a 48-volt electrical architecture, Ford achieves significant weight and cost savings while improving efficiency. Alan Clarke, Ford's EV product leader and former Tesla veteran, remains "pretty confident" the UEV can be competitive against Chinese vehicles despite their government support and lower labor costs, emphasizing that Ford must win with speed and play by U.S. rules. The platform's design for global scalability—intended to be sold anywhere while initially focusing on North America—allows Ford to partner with automakers like Renault and Volkswagen to better compete globally, while its focus on smaller, more affordable vehicles avoids the battery cost trap that doomed prior large EV SUV and pickup projects. With Ford expecting its Model e EV unit to lose $4 billion to $4.5 billion this year (down from $4.8 billion last year), the UEV platform's efficiency gains are not incremental but transformative, positioning Ford to achieve profitability within a year of launching future EVs as stated by leadership.
Ford Pro's software and physical services revenue—exceeding $15 billion last year—is growing at a nearly 8% annual rate through the end of the decade and represents a highly profitable, annuity-like revenue stream with lower risk exposure than the cyclical vehicle business, driven by aftersales parts growth, remote service expansion, and multimake parts wholesaling. In Q1 2026, worldwide paid software subscriptions rose 30% year-over-year to 879,000 with gross margins above 50%, underscoring the scalability and durability of this recurring revenue stream. Ford Pro is evolving from a vehicle manufacturer into an indispensable productivity partner for European businesses through connected vehicle data, predictive intelligence, and Dealer Uptime Services that cut repair times by up to 50% and identify 80% of issues proactively, generating nearly one million additional days of customer uptime annually. The strategy supports Ford's global target to generate 25% of Ford Pro EBIT from software and services, with commercial buyers adopting Maverick to F-750 pickup trucks across diverse powertrains and strong 2027 model-year order book early indicators. By becoming far more successful at wholesaling parts from dealers to third-party repair shops and improving repair order duration—which drives higher throughput at very high margins—Ford Pro creates a self-reinforcing ecosystem where software and services enhance vehicle utility while reducing customer total cost of ownership. This shift transforms Ford Pro's value proposition from pure hardware to integrated solutions, insulating commercial revenue from macroeconomic downturns through essential uptime guarantees and creating a durable competitive moat that competitors cannot easily replicate due to Ford's scale, dealer network, and data integration advantages.
Ford's aggressive product refresh cycle—80% of its North America portfolio and 70% of its global portfolio by volume between now and 2029—includes the next-generation F-150 and Super Duty, alongside the launch of the universal EV platform in 2027 from the scaled Louisville Assembly Plant in Kentucky, creating a powerful tailwind for market share and pricing power. This refresh is not merely cosmetic but integrates Skunk Works breakthroughs from the UEV platform—applying advanced tools and physics-based cost modeling to highest-volume internal combustion and hybrid lines—to reduce costs and improve quality across the board, with Ford on track to deliver over another $1 billion in material and warranty cost improvements this year atop the $1.5 billion delivered in 2025. The focus on powertrain choice over nameplate complexity ensures 90% of global nameplates will offer electrified powertrains by decade's end, including advanced hybrids and extended-range electric vehicles, allowing Ford to capture demand across the electrification spectrum without alienating traditional buyers. J.D. Power ranked Ford number four in the 2026 U.S. Customer Service Index—its best performance in 30 years—reflecting tangible quality improvements that support premiumization and lower incentive spend, as evidenced by F-150 having the highest retail share, highest average transaction price, and lowest incentive spend per unit versus key competition in Q1. By unifying advanced technology, digital, and design teams with the global industrial system under an end-to-end product creation and industrialization organization, Ford enables fast decision-making and reduced complexity to support the most intensive product and software rollout in its history, positioning the company to compete and win through execution, quality, and thrilling customer experiences rather than relying on cyclical industry tailwinds.

Ford's newly launched Ford Energy subsidiary is capturing significant early momentum in the rapidly growing utility-scale battery energy storage market, with a landmark five-year framework agreement to supply up to 20 GWh of DC Block BESS annually to EDF power solutions North America, representing a total potential volume of 20 GWh over the term. This positions Ford Energy as a key supplier for grid-scale energy storage projects across the United States, with deliveries expected to begin in 2028, validating the market's need for a BESS supplier combining industrial-scale manufacturing discipline with full lifecycle accountability. The agreement underscores the scale of demand emerging for domestically supplied, utility-grade energy storage and reflects both companies' commitment to accelerating deployment of reliable, long-duration storage infrastructure that strengthens the U.S. power grid. Ford Energy's standardized, containerized DC Block system—rated at 5.45 MWh per unit with 2-hour and 4-hour discharge configurations—is designed for utility-scale applications including frequency regulation, voltage support, energy arbitrage, peak load shifting, demand response, backup power, and microgrid integration, leveraging Ford's century of manufacturing experience and proven industrial scale. With EDF power solutions having 26 gigawatts of developed projects and 17 gigawatts under service contracts globally, this partnership provides Ford with substantial visibility into a multi-billion dollar addressable market that complements its EV ambitions while diversifying revenue beyond cyclical auto sales. The subsidiary's focus on traceability, lifecycle support, and domestic manufacturing aligns with grid operators' requirements for supply chain reliability and product quality, creating a durable competitive advantage in an energy transition where long-term operational confidence is paramount. This early traction suggests Ford Energy could evolve into a material profit center well before 2030, especially as data centers and commercial/industrial customers surge in demand for backup power amid AI-driven electricity strain on U.S. energy infrastructure.
Ford's Universal Electric Vehicle (UEV) platform, developed from a clean-sheet design in its Long Beach skunk works, represents a structural cost and efficiency breakthrough critical to transforming the loss-making Model e unit toward breakeven by 2029, with the first product—a roughly $30,000 midsize electric pickup truck—expected to launch next year. The UEV platform enables 20% fewer parts versus a Ford Mustang Mach-E EV, 25% fewer fasteners, 40% fewer workstations dock to dock in the plant, and 15% faster assembly time, directly addressing the core cost disadvantage that has plagued Ford's EV ambitions. By utilizing megacasting for structural components—reducing front and rear structural parts from 146 on the gas-powered Maverick to just two on the UEV-based pickup—and leveraging a U.S.-produced lithium iron phosphate battery pack with a 48-volt electrical architecture, Ford achieves significant weight and cost savings while improving efficiency. Alan Clarke, Ford's EV product leader and former Tesla veteran, remains "pretty confident" the UEV can be competitive against Chinese vehicles despite their government support and lower labor costs, emphasizing that Ford must win with speed and play by U.S. rules. The platform's design for global scalability—intended to be sold anywhere while initially focusing on North America—allows Ford to partner with automakers like Renault and Volkswagen to better compete globally, while its focus on smaller, more affordable vehicles avoids the battery cost trap that doomed prior large EV SUV and pickup projects. With Ford expecting its Model e EV unit to lose $4 billion to $4.5 billion this year (down from $4.8 billion last year), the UEV platform's efficiency gains are not incremental but transformative, positioning Ford to achieve profitability within a year of launching future EVs as stated by leadership.
Ford Pro's software and physical services revenue—exceeding $15 billion last year—is growing at a nearly 8% annual rate through the end of the decade and represents a highly profitable, annuity-like revenue stream with lower risk exposure than the cyclical vehicle business, driven by aftersales parts growth, remote service expansion, and multimake parts wholesaling. In Q1 2026, worldwide paid software subscriptions rose 30% year-over-year to 879,000 with gross margins above 50%, underscoring the scalability and durability of this recurring revenue stream. Ford Pro is evolving from a vehicle manufacturer into an indispensable productivity partner for European businesses through connected vehicle data, predictive intelligence, and Dealer Uptime Services that cut repair times by up to 50% and identify 80% of issues proactively, generating nearly one million additional days of customer uptime annually. The strategy supports Ford's global target to generate 25% of Ford Pro EBIT from software and services, with commercial buyers adopting Maverick to F-750 pickup trucks across diverse powertrains and strong 2027 model-year order book early indicators. By becoming far more successful at wholesaling parts from dealers to third-party repair shops and improving repair order duration—which drives higher throughput at very high margins—Ford Pro creates a self-reinforcing ecosystem where software and services enhance vehicle utility while reducing customer total cost of ownership. This shift transforms Ford Pro's value proposition from pure hardware to integrated solutions, insulating commercial revenue from macroeconomic downturns through essential uptime guarantees and creating a durable competitive moat that competitors cannot easily replicate due to Ford's scale, dealer network, and data integration advantages.
Ford's aggressive product refresh cycle—80% of its North America portfolio and 70% of its global portfolio by volume between now and 2029—includes the next-generation F-150 and Super Duty, alongside the launch of the universal EV platform in 2027 from the scaled Louisville Assembly Plant in Kentucky, creating a powerful tailwind for market share and pricing power. This refresh is not merely cosmetic but integrates Skunk Works breakthroughs from the UEV platform—applying advanced tools and physics-based cost modeling to highest-volume internal combustion and hybrid lines—to reduce costs and improve quality across the board, with Ford on track to deliver over another $1 billion in material and warranty cost improvements this year atop the $1.5 billion delivered in 2025. The focus on powertrain choice over nameplate complexity ensures 90% of global nameplates will offer electrified powertrains by decade's end, including advanced hybrids and extended-range electric vehicles, allowing Ford to capture demand across the electrification spectrum without alienating traditional buyers. J.D. Power ranked Ford number four in the 2026 U.S. Customer Service Index—its best performance in 30 years—reflecting tangible quality improvements that support premiumization and lower incentive spend, as evidenced by F-150 having the highest retail share, highest average transaction price, and lowest incentive spend per unit versus key competition in Q1. By unifying advanced technology, digital, and design teams with the global industrial system under an end-to-end product creation and industrialization organization, Ford enables fast decision-making and reduced complexity to support the most intensive product and software rollout in its history, positioning the company to compete and win through execution, quality, and thrilling customer experiences rather than relying on cyclical industry tailwinds.

▼ Bear case

Ford's guidance increase to $8.5 billion to $10.5 billion in adjusted EBIT for FY26 is heavily reliant on a non-recurring $1.3 billion IEPA tariff refund benefit, which management acknowledged was booked in Q1 despite uncertainty around reimbursement timing, creating a misleading impression of underlying operational strength when excluding this item leaves adjusted EBIT at $2.2 billion—only slightly above the prior year's $1 billion level. The company explicitly stated that the net guidance improvement is being offset by a $2 billion commodity headwind (up $1 billion from prior estimates due to higher aluminum pricing from global supply constraints), meaning the sustainable EBIT improvement is limited to approximately $500 million from operational factors like software/services growth and net pricing, with management cautioning against putting timing differences into guidance raises. This reveals a significant gap between the headline beat and the run-rate business performance, especially as Ford Pro and Ford Blue benefited disproportionately from the IEPA benefit ($700 million and $500 million respectively), suggesting their underlying margins may be weaker than reported. Furthermore, the guidance assumes a U.S. SAR of 16 million to 16.5 million units and flat industry pricing—optimistic assumptions given ongoing U.S. economic uncertainty and the company's own admission that guidance excludes impacts from a sustained Middle East conflict or significant U.S. economic downturn, which could materially reduce industry demand. With Novelis recovery weighted toward the second half and net $1 billion EBIT improvement expected year-over-year, the near-term earnings cadence will be uneven, with Q1's strength not repeatable and Q2-Q4 facing sequential commodity headwinds and launch-related investments in Ford Energy, the UEV platform, and Oakville that have P&L and cash elements beyond CapEx.
Ford Model e's continued losses—$777 million in Q1 2026 despite a nearly 35% improvement in Gen 1 losses—highlight the structural challenge of achieving profitability in the EV unit, with management expecting full-year losses of $4 billion to $4.5 billion for FY26, only a modest improvement from the $4.8 billion loss in FY25. The company's strategy of matching supply with demand globally to optimize profitability and investing in a leaner, more profitable portfolio has yet to yield meaningful margin expansion, and the incremental $1 billion investment in Model e to support the UEV platform and Ford Energy ramp through 2027 represents a sustained cash drain with no clear near-term path to breakeven, let alone the 2029 target mentioned in news articles. While the UEV platform promises a step change in efficiency and cost, its first product—a roughly $30,000 midsize electric pickup truck—is not expected until next year, meaning Model e will absorb another full year of losses before any potential benefit, and even then, profitability is not guaranteed within a year of launch as stated by leadership, given the platform must overcome Chinese competitors' advantages in government support, lower labor costs, and faster product development cycles (20 months for Chinese startups vs. traditional automakers). Ford's history of overpromising on EVs—such as the all-electric F-150 Lightning being redesigned as a hybrid after failing to meet expectations and the cancellation of a three-row EV SUV in 2024 due to foreseeable unprofitability—suggests execution risk remains high, especially with the departure of the highly touted EV and technology head Doug Field, whose vision was credited with setting up the UEV work for success. The UEV's focus on North America initially limits its global scale advantage, and while Ford seeks partnerships with automakers like Renault and Volkswagen, the platform's competitiveness against Chinese vehicles remains unproven in the market, with Clarke acknowledging they "play by different rules" due to systemic advantages foreign competitors enjoy.
Ford's reliance on the F-Series as a profit driver creates significant concentration risk, with F-150 inventory down 38% year-over-year in April and F-Series production estimated to have fallen 12% year-over-year in Q1 due to lingering Novelis aluminum supply disruptions from the 2025 fires, a recovery JPMorgan analyst Ryan Brinkman suggests may be more difficult than earlier expected. While Ford highlighted strong F-Series retail share improvement of 30 basis points in March and effective management of tight retail days' supply, the automaker is spending less on incentives than competitors—a potential red flag indicating either genuine pricing power or desperation to move inventory amid supply constraints—and the richer product mix being produced as Novelis ramps could mask underlying volume weakness. The company's exposure to aluminum supply shortages extends beyond Novelis, with Sherry House noting Ford has an aluminum supply shortage with respect to its primary aluminum supplier, and Kumar Galhotra confirming contingency plans are in place for Novelis mill ramp delays, yet the $2 billion commodity headwind (predominantly aluminum and steel) assumes prices stay at current elevated levels, offering no upside if prices persist or increase further. This vulnerability is exacerbated by Ford's strategy of leaner, more effective industrial execution, which leaves little buffer for supply chain shocks, and the focus on high-margin off-road performance trims (now 25% of U.S. sales) may not be sustainable if broader consumer demand shifts toward affordability amid economic uncertainty. With Ford Pro's Novelis-related production disruptions persisting into Q1 and the company expecting to remain within 55 to 65 retail days' supply target for the year, any further disruption to the F-Series supply chain—whether from aluminum, labor, or logistics—could rapidly erode the profitability of Ford's most critical franchise.
Ford's aggressive capital allocation to higher-return growth opportunities like Ford Energy—$1.5 billion in capex for FY26—comes at the expense of free cash flow conversion, with adjusted free cash flow guided to $5 billion to $6 billion despite the EBIT raise to $8.5 billion to $10.5 billion, indicating that only approximately 50-60% of incremental EBIT is expected to flow to FCF due to unfavorable timing differences, higher net spending, and working capital changes in Q1 that management expects to reverse only by year-end. The $1.9 billion adjusted free cash flow usage in Q1 was more than explained by these factors, and while management anticipates timing and working capital to turn favorable for the full year, this creates a meaningful risk that the EBIT improvement does not translate to shareholder returns via dividends or buybacks in the near term, especially as the company relaunched its anti-dilutive share repurchase program only to complete it in the quarter. Furthermore, the $1 billion incremental investment in Model e to support the UEV platform and Ford Energy, combined with the $1 billion expected from Novelis recovery and $1 billion in material/warranty cost improvements, represents a tightly balanced capital equation where any miss in one area—such as delayed Novelis ramp, weaker-than-expected software/services growth, or higher commodity costs—could quickly negate the earnings upside. Ford's balance sheet, while strong with $22 billion in cash and over $43 billion in liquidity, does not insulate against the opportunity cost of capital tied up in long-term bets like Ford Energy (with EDF deliveries not expected until 2028) and the UEV platform, which may not yield returns for several years, leaving the company vulnerable to macroeconomic shifts or competitive pressures that could diminish the expected payoff from these strategic investments.

Ford's guidance increase to $8.5 billion to $10.5 billion in adjusted EBIT for FY26 is heavily reliant on a non-recurring $1.3 billion IEPA tariff refund benefit, which management acknowledged was booked in Q1 despite uncertainty around reimbursement timing, creating a misleading impression of underlying operational strength when excluding this item leaves adjusted EBIT at $2.2 billion—only slightly above the prior year's $1 billion level. The company explicitly stated that the net guidance improvement is being offset by a $2 billion commodity headwind (up $1 billion from prior estimates due to higher aluminum pricing from global supply constraints), meaning the sustainable EBIT improvement is limited to approximately $500 million from operational factors like software/services growth and net pricing, with management cautioning against putting timing differences into guidance raises. This reveals a significant gap between the headline beat and the run-rate business performance, especially as Ford Pro and Ford Blue benefited disproportionately from the IEPA benefit ($700 million and $500 million respectively), suggesting their underlying margins may be weaker than reported. Furthermore, the guidance assumes a U.S. SAR of 16 million to 16.5 million units and flat industry pricing—optimistic assumptions given ongoing U.S. economic uncertainty and the company's own admission that guidance excludes impacts from a sustained Middle East conflict or significant U.S. economic downturn, which could materially reduce industry demand. With Novelis recovery weighted toward the second half and net $1 billion EBIT improvement expected year-over-year, the near-term earnings cadence will be uneven, with Q1's strength not repeatable and Q2-Q4 facing sequential commodity headwinds and launch-related investments in Ford Energy, the UEV platform, and Oakville that have P&L and cash elements beyond CapEx.
Ford Model e's continued losses—$777 million in Q1 2026 despite a nearly 35% improvement in Gen 1 losses—highlight the structural challenge of achieving profitability in the EV unit, with management expecting full-year losses of $4 billion to $4.5 billion for FY26, only a modest improvement from the $4.8 billion loss in FY25. The company's strategy of matching supply with demand globally to optimize profitability and investing in a leaner, more profitable portfolio has yet to yield meaningful margin expansion, and the incremental $1 billion investment in Model e to support the UEV platform and Ford Energy ramp through 2027 represents a sustained cash drain with no clear near-term path to breakeven, let alone the 2029 target mentioned in news articles. While the UEV platform promises a step change in efficiency and cost, its first product—a roughly $30,000 midsize electric pickup truck—is not expected until next year, meaning Model e will absorb another full year of losses before any potential benefit, and even then, profitability is not guaranteed within a year of launch as stated by leadership, given the platform must overcome Chinese competitors' advantages in government support, lower labor costs, and faster product development cycles (20 months for Chinese startups vs. traditional automakers). Ford's history of overpromising on EVs—such as the all-electric F-150 Lightning being redesigned as a hybrid after failing to meet expectations and the cancellation of a three-row EV SUV in 2024 due to foreseeable unprofitability—suggests execution risk remains high, especially with the departure of the highly touted EV and technology head Doug Field, whose vision was credited with setting up the UEV work for success. The UEV's focus on North America initially limits its global scale advantage, and while Ford seeks partnerships with automakers like Renault and Volkswagen, the platform's competitiveness against Chinese vehicles remains unproven in the market, with Clarke acknowledging they "play by different rules" due to systemic advantages foreign competitors enjoy.
Ford's reliance on the F-Series as a profit driver creates significant concentration risk, with F-150 inventory down 38% year-over-year in April and F-Series production estimated to have fallen 12% year-over-year in Q1 due to lingering Novelis aluminum supply disruptions from the 2025 fires, a recovery JPMorgan analyst Ryan Brinkman suggests may be more difficult than earlier expected. While Ford highlighted strong F-Series retail share improvement of 30 basis points in March and effective management of tight retail days' supply, the automaker is spending less on incentives than competitors—a potential red flag indicating either genuine pricing power or desperation to move inventory amid supply constraints—and the richer product mix being produced as Novelis ramps could mask underlying volume weakness. The company's exposure to aluminum supply shortages extends beyond Novelis, with Sherry House noting Ford has an aluminum supply shortage with respect to its primary aluminum supplier, and Kumar Galhotra confirming contingency plans are in place for Novelis mill ramp delays, yet the $2 billion commodity headwind (predominantly aluminum and steel) assumes prices stay at current elevated levels, offering no upside if prices persist or increase further. This vulnerability is exacerbated by Ford's strategy of leaner, more effective industrial execution, which leaves little buffer for supply chain shocks, and the focus on high-margin off-road performance trims (now 25% of U.S. sales) may not be sustainable if broader consumer demand shifts toward affordability amid economic uncertainty. With Ford Pro's Novelis-related production disruptions persisting into Q1 and the company expecting to remain within 55 to 65 retail days' supply target for the year, any further disruption to the F-Series supply chain—whether from aluminum, labor, or logistics—could rapidly erode the profitability of Ford's most critical franchise.
Ford's aggressive capital allocation to higher-return growth opportunities like Ford Energy—$1.5 billion in capex for FY26—comes at the expense of free cash flow conversion, with adjusted free cash flow guided to $5 billion to $6 billion despite the EBIT raise to $8.5 billion to $10.5 billion, indicating that only approximately 50-60% of incremental EBIT is expected to flow to FCF due to unfavorable timing differences, higher net spending, and working capital changes in Q1 that management expects to reverse only by year-end. The $1.9 billion adjusted free cash flow usage in Q1 was more than explained by these factors, and while management anticipates timing and working capital to turn favorable for the full year, this creates a meaningful risk that the EBIT improvement does not translate to shareholder returns via dividends or buybacks in the near term, especially as the company relaunched its anti-dilutive share repurchase program only to complete it in the quarter. Furthermore, the $1 billion incremental investment in Model e to support the UEV platform and Ford Energy, combined with the $1 billion expected from Novelis recovery and $1 billion in material/warranty cost improvements, represents a tightly balanced capital equation where any miss in one area—such as delayed Novelis ramp, weaker-than-expected software/services growth, or higher commodity costs—could quickly negate the earnings upside. Ford's balance sheet, while strong with $22 billion in cash and over $43 billion in liquidity, does not insulate against the opportunity cost of capital tied up in long-term bets like Ford Energy (with EDF deliveries not expected until 2028) and the UEV platform, which may not yield returns for several years, leaving the company vulnerable to macroeconomic shifts or competitive pressures that could diminish the expected payoff from these strategic investments.

S.No.	Ticker	Company	Market Cap	P/E	P/S	Total Debt (Qtr)
1	TSLA	Tesla, Inc.	1,375.42 Bn	350.07	14.05	1.45 Bn
2	F-PC	Ford Motor Co	78.30 Bn	-12.83	0.41	63.85 Bn
3	GM	General Motors Co	68.82 Bn	28.13	0.40	95.22 Bn
4	XPEV	Xpeng Inc.	40.80 Bn	-125.62	3.91	1.33 Bn
5	RIVN	Rivian Automotive, Inc. / DE	21.46 Bn	-6.10	3.88	4.44 Bn
6	LI	Li Auto Inc.	12.40 Bn	-46.57	0.80	1.44 Bn
7	NIO	NIO Inc.	12.31 Bn	-226.24	0.86	1.32 Bn
8	VFS	VinFast Auto Ltd.	7.23 Bn	-157,419.29	0.00	84,718.11 Bn

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