Ford loses $3.1 billion, hit by investment and chip shortage
ABC News
Ford has reported a $3.1 billion loss for the first quarter, in large part because of a drop in the value of its investment in an electric-vehicle startup
DALLAS -- Ford Motor Co. reported Wednesday that it lost $3.1 billion in the first quarter, weighed down by its investment in an electric-vehicle startup, and its revenue slid as a shortage of chips limited the supply of pickups and SUVs in North America.
Company executives pointed away from the loss and toward results that excluded the lower value of its stake in Rivian. Ford said that it made $2.3 billion in pretax profit and is still on track to hit its full-year target for that measurement.
Chief Financial Officer John Lawler said the quarter produced mixed results.
“Clearly the demand for our new products is very strong,” Lawler said, "yet we continue to have issues with supply of chips, which constrained us, and in particular here in North America, it hit us disproportionately on our large vehicles."
