Ford Finance: Stock Market Update
By Ryan Binder | Bloomberg Businessweek/Getty ImagesFord Finance and Ford Motor Co. said Tuesday they would share information on how much profit each company made last year with the Federal Trade Commission.
Ford Finance said its shares, which closed at $23.40, have fallen 2.9% since the announcement, falling as much as 9.7% in the last 24 hours.
Ford, which operates the Ford Escape, Ford Focus and F-Series pickup trucks, has been the target of many consumer complaints and a public relations nightmare.
The automaker said it would share more information on its financial results with the FTC on Tuesday.
Ford CEO Mark Fields said the company was also working on ways to help customers better understand its financial data, including an online tool that lets customers download financial data from Ford Finance and the Ford News app, according to a statement from Ford.
Ford’s stock has fallen more than 12% since Friday’s announcement.
Ford shares closed at 21.89, down 3.2% from their record high in June of last year.
Ford has struggled to make the big gains in its business as its share price has fallen by about half since May.
Ford Finance shares have fallen by more than 10% in less than a year, according the Bloomberg Billionaires Index.
Ford is under scrutiny from the FTC because it failed to comply with a rule requiring financial information to be shared with the agency, which could affect the automaker’s ability to raise capital.
Ford has said the FTC will take action against it if it doesn’t comply.
Ford declined to comment.