Detroit’s three automakers all spent part of the day today with their stocks in freefall.
Ford’s stock fell more than three percent on Tuesday… and the market volatility followed General Motors and Fiat Chrysler into Wednesday as well.
A representative from Ford says they are restructuring their business, and they expect the market will recognize the company’s progress over time.
Michelle Krebs is an executive analyst with Auto Trader. She says Ford specifically has had a rough couple of years, with leadership changes, and an ambiguous vision for the future.
“And I think Wall Street’s not clear on what Ford’s plan is regarding autonomous vehicles and such.”
But Krebs says all-in-all the automakers have had a great period of growth since emerging from the recession, and the industry is due for a market correction. She says industry watchers DO NOT think this downturn will foretell a catastrophic issue for the car companies.