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
A Ford F-150 electric truck is displayed at the Rouge Electric Vehicle Center, Tuesday, April 26, 2022, in Dearborn, Mich. – 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.
. 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. Ford executives said they also faced inflationary pressure from suppliers, but have been able to recover that in higher vehicles prices. They said additional increases were possible if inflation continues to run high.
CEO Jim Farley said Wednesday that buyers of the F-150 Lightning are generally not traditional truck owners.
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