Good morning, CFOs. A fire at a major auto industry supplier’s plant could disrupt automakers and the bottom line; Tesla debuts cheaper vehicles; plus, gold prices soar to a record.

Ford Motor and other automakers will face disruption to their business for months to come due to a devastating late-night fire, Sharon Terlep and Bob Tita report in their exclusive. 

The news is important because the plant’s operator, Atlanta-based Novelis, supplies about 40% of the aluminum sheet used by the auto industry in the U.S., according to industry analysts. Novelis said a major portion of its Oswego, N.Y., plant has been knocked offline until early next year.

Ford is the biggest user of the plant. Its F-150 pickup, the top-selling vehicle in the U.S. and the automaker’s main profit driver, is one of the industry’s biggest users of aluminum. The setback is severe enough that Ford will likely flag potential implications to investors when it discloses quarterly financial results later this month, according to people familiar with the matter. Here’s one analyst’s reaction:

“This represents a serious question for the production of F-150 because that’s the aluminum that comes out of Oswego,” said Kaustubh Chandorkar, an aluminum-industry analyst. Ford switched the F-150’s exterior to aluminum from steel a decade ago.

Novelis produces more than 350,000 metric tons of sheet aluminum annually for the automotive industry, according to industry analysts. Around a dozen automakers get aluminum from Novelis, including Ford, Toyota, Hyundai, Volkswagen and Jeep maker Stellantis, according to a regulatory filing.

📈 Economic Indicators

The Federal Open Market Committee releases the minutes from its mid-September monetary-policy meeting.

Tesla has long promised a cheaper model. On Tuesday, the company unveiled stripped-down versions of its bestselling SUV and sedan, but the new lower prices don’t quite cover the recently expired $7,500 EV tax credit.

Tesla introduced a “standard” Model Y and Model 3 that lack features like vegan leather seats and power-adjusted steering wheels, hoping to draw in budget-conscious buyers.

The standard Model 3 costs $36,990 and the standard Model Y costs $39,990, making them among the lowest-priced electric vehicles for sale in the U.S. and better positioning Tesla to compete globally against low-cost EVs coming out of China.

📰 Other headlines

• Stocks Fall After Report Raises Concerns About AI Profitability
• Mercedes-Benz Vehicle Sales Hit by U.S. Tariffs, Difficult Chinese Market
• EU Plans 50% Tariff on Excess Steel Imports in Bid to Tackle Overcapacity
• BMW Cuts Guidance Amid China Woes

📈 Earnings wrapup

• Jaguar Land Rover Sales Plunge Following Cyberattack
• Dell Lifts Long-Term Growth Targets on Surging AI Demand
• McCormick Trims Outlook as Costs, Tariffs Weigh on Profit

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Campbell’s, the Camden, N.J.-based meals and snacks company, named Todd Cunfer as chief financial officer, effective Oct. 20. Cunfer is leaving his finance chief post at Freshpet, a role he's held since 2022. Before that, Cunfer spent over two decades in senior finance roles at Simply Good Foods and Hershey. Cunfer succeeds Carrie Anderson, who is leaving the company to pursue new opportunities, Campbell’s said. Freshpet has named Ivan Garcia, vice president of finance, as interim finance chief, effective Oct. 17.

Acadia Healthcare, the Franklin, Tenn.-based healthcare services company, named Todd Young as its chief financial officer, effective Oct. 27. Young joins the company from Elanco Animal Health, where he has worked since 2018 and most recently served as CFO. He also held the top finance job at biopharmaceutical company Acadia Pharmaceuticals from 2016 to 2018. He succeeds Tim Sides, who has been Acadia's interim CFO since August. Sides will return to his role as senior vice president of operations finance.

—Josée Rose and Terell Wright contributed to today’s Ledger.

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