DALLAS (AP) — Ford has reported a $3.1 billion loss for the first quarter, in large part because of a drop in the value of its investment in an electric-vehicle startup.
The automaker also said Wednesday that its revenue fell 5% from a year ago as a shortage of chips limited the supply of vehicles. Ford says the chip shortage is especially affecting the number of pickups and SUVs that it can sell in North America.
Without the lower value for Ford's investment in electric-vehicle startup Rivian, the company says it made $2.3 billion in pretax profit and is on track to meet its full-year goal for pretax profit.
