Ford has reported a $3.1 billion loss for the veryfirst quarter, in big part duetothefactthat of a drop in the worth of its financialinvestment in an electric-vehicle start-up
27 April 2022, 23: 06
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DALLAS — Ford Motor Co. reported Wednesday that it lost $3.1 billion in the veryfirst quarter, weighed down by its financialinvestment in an electric-vehicle start-up, and its income moved as a lack of chips minimal the supply of pickups and SUVs in North America.
Company executives pointed away from the loss and towards results that omitted the lower worth of its stake in Rivian. Ford stated that it made $2.3 billion in pretax earnings and is still on track to hit its full-year target for that measurement.
Ford stated it offered 966,000 lorries in the veryfirst quarter, down 9% from a year earlier.
Chief Financial Officer John Lawler stated the quarter produced combined outcomes.
“Clearly the need for our brand-new items is extremely strong,” Lawler stated, “yet we continue to have problems with supply of chips, which constrained us, and in specific here in North America, it hit us disproportionately on our big automobiles.”
The chip lack has triggered Ford and General Motors to close several North American factories for a week or 2 at a time, consistingof plants that construct popular full-size pickups.
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