Ford Motor Co. today reported a quarterly loss in its investment in electric-vehicle maker Rivian while saying overall demand is strong.
Dearborn, Mich.-based Ford posted a loss of $3.1 billion, or 78 cents a share, compared with a year-earlier profit of $3.3 billion, or 81 cents. Ford’s stake in Rivian was valued at $5.1 billion on March 31, down from $10.6 billion at the end of 2021.
The automaker had adjusted earnings before interest and taxes (EBIT) of $2.3 billion, or 38 cents a share, down from $3.9 billion, or 70 cents, in the year-earlier period.
Revenue slipped to $34.5 billion for the quarter, down from $36.2 billion for 2021’s first quarter.
The company affirmed its previous forecast of full-year adjusted EBIT of $11.5 billion to $12.5 billion.
Ford said new vehicle introductions, including Bronco, Bronco Sport, Maverick, Mustang Mach-E, were boosting demand.
“That’s translating into orders, typically with rich configurations,” CEO Jim Farley said in a statement. “Now, we’re breaking constraints wherever they exist to get more Ford vehicles – including our innovative EVs – to more customers as quickly as possible.”
Ford, like automakers, has felt the impact of a global shortage of semiconductors. That has led to temporary factory shutdowns and lower output.
The company said the shortage held down production in January and February, with an improvement in March.
Ford said its home market in North America generated EBIT of $1.6 billion. The company’s total automotive operations had EBIT of $1.9 billion.
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