Ford Motor, founded 100 years before Tesla, is paying the price for a sudden role reversal: It’s now the one struggling to produce a new model on time, at scale and without losing money.

The Ford Motor Company has been dealt a blow by credit rating agency Moody’s Investors Service, which has cut the carmaker’s credit rating to junk on doubts that a turnaround plan by chief executive Jim Hackett will generate earnings and cash quickly enough.