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Ford's stock took a big hit yesterday dropping over 12% after they said that "inflation-related costs" would be a billion dollars more than expected and deliveries were delayed due to parts shortages.

Ford stock has biggest daily drop since 2011 after inflation warning

Ford Motor Co's stock tumbled over 12% on Tuesday in its deepest one-day decline in over a decade after the automaker said inflation-related costs would be $1 billion more than expected in the current quarter and that parts shortages had delayed deliveries.

www.reuters.com

Sept 20 (Reuters) - Ford Motor Co's (F.N) stock tumbled over 12% on Tuesday in its deepest one-day decline in over a decade after the automaker said inflation-related costs would be $1 billion more than expected in the current quarter and that parts shortages had delayed deliveries.

The stock ended at $13.09, making its percentage decline for the session its largest since January 2011.

Ford's preliminary third-quarter results, released late on Monday, sent shares of rival General Motors Co (GM.N)down 5.6% as analysts said it might take more time for automakers to recover from chip shortages.

 

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It almost hit $13 flat as the market closed for the day.