DALLAS, AP – US carmaker Ford lost $US3.1 billion ($A4.3 billion) in the first quarter of 2022, weighed down by its investment in an electric-vehicle startup, while 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 towards results that excluded the lower value of its stake in EV-maker Rivian.
Ford said it made $US2.3 billion in pre-tax 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.
Top Australian Brokers
“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.”
The chip shortage has caused Ford and General Motors to close multiple North American factories for a week or two at a time, including plants that build popular full-size pickups.
Ford said it sold 966,000 vehicles in the first quarter, down nine per cent from a year earlier.
Lawler said the company also faced inflationary pressure from suppliers, but is able to recover that in higher vehicle prices.
He said he could not rule out “additional pricing” if inflation continues to run high.
The first-quarter loss of $US3.11 billion compared with a profit of $US3.26 billion in the same period last year.
Revenue skidded nine per cent lower than a year ago, to $34.48 billion.
The company based in Dearborn, Michigan, stood by its target of achieving full-year earnings before interest and taxes of between $US11.5 billion and $US12.5 billion.
The shares rose three per cent in after-hours trading after gaining one per cent during the regular session.