profit

Big profits from pricey trucks and SUVs that paid to develop and build electric vehicles are starting to wane.

Net profits at the U.S.-European automaker were down by half in the first six months of the year.

Ford Motor Co. reported Wednesday that its second-quarter net income fell 4.7% from a year ago as its combustion-engine unit posted a pretax loss due to rising warranty and recall costs.

The Detroit automaker on Tuesday said it made $2.92 billion from April through June, with revenue of $47.97 billion that beat analyst expectations.

The company now expects to earn $10 billion to $10.5 billion before taxes in 2023. That's down from $11 billion to $12 billion that it projected last summer.

GM on Tuesday posted net income of more than $3 billion from July through September, down 7% from the same period last year due to lost production from the strike, and also increased warranty costs.