Ford Motor said on Wednesday that it had lost $ 3.1 billion in the first three months of the year due to a sharp drop in the share price of Rivian, a startup for electric vehicles in which Ford has taken a stake. Ford also suffered a slowdown in sales due to a continuing shortage of computer chips.
Excluding the decline in its shares in Rivian, Ford said it made $ 2.3 billion before interest and taxes.
Ford, which has just begun producing an electric version of its F-150 pickup, reported revenue of $ 34.5 billion, down $ 36.2 billion a year earlier. In the first three months of 2021, Ford made $ 3.3 billion.
The company sold 966,000 vehicles in the first quarter, down from 1.1 million a year ago. Higher prices for new vehicles have helped Ford and other carmakers offset some of the impact of lower sales.
Ford said its outlook for 2022 is unchanged and expects full-year profits of $ 11.5 billion to $ 12.5 billion before taxes and some other expenses. Earlier this year, he predicted that he would see “significantly higher profits in North America” in 2022 and that global sales would decline slightly in the first quarter, but would rise 10% to 15% year-over-year.
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