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.
Company executives pointed away from the loss and toward results that excluded the lower value of its stake in
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.
The appeal of electric vehicles to younger consumers helped drive investor interest in Rivian. Ford’s 12% stake was worth more than $10 billion after the startup’s IPO in November. But after nearly touching $180, the shares have since tumbled — they closed Wednesday at $31.22 — dragging down the value of Ford’s stake.The first-quarter loss of $3.11 billion compared with a profit of $3.26 billion in the same period last year. Revenue skidded 9% lower that a year ago, to $34.48 billion.
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