CBJ — Shares of Ford plummeted 8% on Wednesday following the automaker’s announcement that it is forecasting a lower profit for this year.

Ford has been spending billions on developing self-driving and electric cars to keep pace with rivals such as Tesla, which is now perceived to be far ahead, at least on the electric side.

The forecast looks better for 2021 according to projections by Ford, but the difficult task will be appeasing shareholders through what might be a bit of a bumpy 2020 on the profit side.

@CanBizJournal