Ford lowers FY25 adjusted EBITDA view to $6B-$6.5B from $6.5B-$7.5B

Sees FY25 capital expenditures $9B. Says believes electric vehicle adoption will now only be about 5% of the U.S. market. Says this is going to grow especially for afford (F)able electric vehicles. Says well positioned for this with the universal electric vehicle platform, which underpins digitally advanced, very spacious and appealing products that start at around $30,000. Says Ford Pro paid subscriptions grew 8% to 818,000 subscribers. Says all new Expedition is red hot. Says ample inventory positions the company for a strong Q4 and helps to insulate retail sales from the near-term impact of Novelis fire. Says will end this year with leaner retail stock levels between 55 to 59 days supply. Says between 2025 and 2026, expects Novelis fire to be a headwind of $1B or less. Says for 2025, expects an adjusted EBIT headwind of $1.5B-$2B in the fourth quarter for Novelis. Says currently has line of sight to mitigate at least $1B in 2026. Says also expects an adjusted free cash flow headwind of $2B-$3B in the fourth quarter. Says given the recent announcements by the administration, now expects tariffs will be a $1B net headwind for 2025. Comments and guidance taken from Q3 earnings conference call.