Ford Motor said on Wednesday that it lost $3.1 billion in the first three months of the year because of a sharp drop in the stock price of Rivian, an electric vehicle start-up that Ford has taken a stake in. Ford was also hurt by slowing sales stemming from an ongoing shortage of computer chips.
Without taking in account the decline in its shares in Rivian, Ford said it made $2.3 billion before interest and taxes.
Ford, which has just started making an electric version of its F-150 pickup truck, reported revenue of $34.5 billion, down from $36.2 billion a year earlier. In the first three months of 2021, Ford made a profit of $3.3 billion.
The company sold 966,000 vehicles in the first quarter, down from 1.1 million a year ago. Higher prices for new vehicles have helped Ford and other automakers offset some of the impact of lower sales.
Ford said its outlook for 2022 was unchanged, and it expects a full-year profit of $11.5 billion to $12.5 billion before taxes and certain other expenses. Earlier this year it predicted that it would see “significantly higher profit in North American” in 2022 and that global sales would decline slightly in the first quarter but rise 10 percent to 15 percent over the full year.