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Ford lost $3.1 billion in the first quarter.

Ford Motor mentioned on Wednesday that it misplaced $3.1 billion within the first three months of the yr due to a pointy drop within the inventory value of Rivian, an electrical automobile start-up that Ford has taken a stake in. Ford was additionally damage by slowing gross sales stemming from an ongoing scarcity of pc chips.

With out taking in account the decline in its shares in Rivian, Ford mentioned it made $2.3 billion earlier than curiosity and taxes.

Ford, which has simply began making an electrical model of its F-150 pickup truck, reported income of $34.5 billion, down from $36.2 billion a yr earlier. Within the first three months of 2021, Ford made a revenue of $3.3 billion.

The corporate offered 966,000 automobiles within the first quarter, down from 1.1 million a yr in the past. Larger costs for brand new automobiles have helped Ford and different automakers offset among the influence of decrease gross sales.

Ford mentioned its outlook for 2022 was unchanged, and it expects a full-year revenue of $11.5 billion to $12.5 billion earlier than taxes and sure different bills. Earlier this yr it predicted that it might see “considerably increased revenue in North American” in 2022 and that international gross sales would decline barely within the first quarter however rise 10 % to fifteen % over the complete yr.

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