Ford Saw Recession-Level Losses To End 2025
Happy Monday! It's February 11, 2026, and this is The Morning Shift — your daily roundup of the top automotive headlines from around the world, in one place. This is where you'll find the most important stories that are shaping the way Americans drive and get around.
In this morning's edition, we're looking at Ford's inauspicious end to 2025, as well as Ferrari's better numbers. We'll also look at Hyundai shareholders' demand for robots, and Harley-Davidson's desperation for a good thing.
1st Gear: Ford's Q4 losses were the company's highest since the 2008 recession, with BYD beating the Blue Oval in global sales
2025 was a rough year for automakers, what with the tariffs on cars and the tariffs on materials and the ever-shifting regulatory landscape of what's actually allowed or incentivized, and all that instability caused a serious hit at Ford — a hit the company hasn't seen since 2008. From Automotive News:
Failed investments in money-losing electric vehicles and a late-year disruption of aluminum supplies for F-Series pickups drove Ford Motor Co. to an $11.1 billion net loss in the fourth quarter, resulting in the automaker's worst financial performance since 2008.
Fourth-quarter revenue declined 5 percent to $45 billion and adjusted earnings before interest and taxes plunged by more than half to $1 billion.
For the full-year, Ford lost $8.2 billion, largely because of its EV write-downs and $2 billion in tariffs. The automaker's 2025 tariff bill ended up roughly doubling its previous projection following a late-year change to offsets by the Trump administration.
It was Ford's third-worst performance ever and third full-year loss in the past six years.
Automotive News is quick to blame EVs for Ford's losses, but that's not the entire story. In fact, BYD — noted best-selling EV maker in the world — outsold Ford globally for the first time. Not just in EVs, in all vehicles. From Bloomberg:
Ford Motor Co. lost out to BYD Co. in global vehicle sales for the first time last year as the Chinese manufacturer continued its climb up the rankings of the world's largest automakers.
Ford's wholesales dropped almost 2% last year to just shy of 4.4 million, short of the 4.6 million vehicle sales BYD reported in January. The figure the US automaker disclosed Tuesday confirms BYD has moved up to No. 6 in the global sales ranks, one spot ahead of Ford.
While Ford's US sales rose last year, it has lost ground in Europe and particularly China, where domestic manufacturers like BYD, Xiaomi Corp. and Geely Automobile Holdings Ltd. have grabbed market share from foreign automakers with affordable, tech-laden EVs.
EVs are still moving globally, it seems. Just, not for Ford.
2nd Gear: Ferrari is doing just fine, though
While makers of relatively affordable cars like Ford struggle, makers of high-dollar exclusives for the wealthy elite are doing gangbusters. Ferrari, for instance, had a great 2025 — and is planning an even better 2026. From Bloomberg:
Ferrari NV issued new targets for 2026 that reassured investors about the supercar maker's ability to sustain growth and margins through geopolitical turbulence and a major product transition.
The shares surged as much as 11% after the luxury Italian carmaker reported revenue and profit that beat analysts' expectations, and said earnings this year will come in higher than estimates.
The results point to easing concerns over the impact of tariffs, the falling US dollar and volatility in regional demand. Investor confidence was shaken in October when the company issued a disappointing long-term outlook, while tax changes in the UK have dented sales in a key stronghold as wealthy Britons depart for other jurisdictions.
Remember: The money is still out there. It's just in the hands of fewer and fewer people.
3rd Gear: Hyundai shareholders want the company to make robots
Are robots the hot new thing, with shareholders around the world expecting real, functional companies to glom onto the nonsense Elon Musk is spewing for Tesla? It seems that way, because shares of Hyundai are trading high on the mere implication that it could bring more robots to market with its partner, Boston Dynamics. From Reuters:
Robert Playter, chief executive of Hyundai Motor Group's robot affiliate Boston Dynamics is stepping down, the Waltham, Massachusetts-based company said on its X account.
Shares of Hyundai Motor rallied 5.9% in Seoul trading on Wednesday as the leadership change spurred market expectation that the automaker intends to accelerate commercialisation of its robot business.
"The stock appeared to have risen because of the news about the resignation of the CEO," said James Hong, opens new tab, Seoul-based analyst at Macquarie, adding that Playter's team had been "R&D-oriented" for robot development.
Boston Dynamics makes those creepy robot dogs that governments use for enforcement, which are at least mildly useful compared to the bipedal snake oil Musk is pushing. This of course means that the company will likely soon pivot back to the bipedal bots on which it made its name.
4th Gear: Harley-Davidson just wants a win
Wages are depressed, and costs are up, which means people are having a hard time shelling out for big luxury purchases like Harley-Davidsons. This is a bad time to be a manufacturer of luxury goods normally reserved for the middle class. From Reuters:
Harley-Davidson outlined plans for a sharper product lineup and tweaks to its e-commerce strategy under its new chief on Tuesday, as the storied motorcycle maker navigates slowing sales amid a broader consumer pullback on big-ticket purchases.
Executives described 2026 as a "transition year", a narrative that helped steady investor sentiment, lifting its shares up 2% after they had tumbled in premarket trading on news of a wider fourth-quarter loss.
"The choppiness and volatility in global retail results is a continuation of what we have observed since mid-2024, with a difficult global backdrop in big-ticket discretionary sectors," Chief Financial Officer Jonathan Root said on a post-earnings call, adding that pricing remains a priority for customers.
Sticky inflation and high borrowing costs have squeezed household budgets, prompting Americans to be more discerning about how and where they spend their dollars.
Hopefully Harley can introduce some lower-end models this year. I know the company is reluctant to, after the failure of its Street line, but I think it can learn something important from those bikes: Even buyers of lower-priced machines don't want absolute garbage.
Reverse: Still a bad name, honestly
The Black Plague. Yellow Fever. Consumption. The Red Death. There are so many disease names out there that truly carry the terror of the diseases themselves, and we just ended up with COVID-19? Scientists, do better.
On The Radio: Doechii - 'DENIAL IS A RIVER'
God I love this track.