Ford Motor Company (NYSE: F) shares are down over 20% after the company disappointed in its second-quarter results last week. The troubles hitting Ford shares are part of an inherent problem facing most automakers. This is a very cyclical business, and the market rarely gives these companies high valuations.

With some problems across EVs and warranty coverage, coupled with a relatively tepid forecast for the second half of the year for auto sales in general, Ford shares are not likely to reward investors through 2024. Let's take a closer look.

The big news last week was Ford's earnings miss. The company reported net income of $1.87 billion in the second quarter, versus $1.92 billion in the year-ago quarter. According to CNBC, earnings of $0.47 per share drastically contrasted with expectations of $0.68, while overall auto revenue came in above expectations at $44.81 billion.

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Source Fool.com