Ford was profitable before accounting for its Rivian shares losing more than half their value during the quarter.
Ford Motor posted a first-quarter net loss of $3.1 billion attributable to a drop in the value of its Rivian stake but affirmed guidance for the year despite continued production limitations.
Ford was profitable before accounting for the Rivian investment, though adjusted earnings fell 41 percent from a year earlier to $2.3 billion before interest and taxes. Its adjusted profit margin was 6.7 percent, down 4.1 percentage points.
Revenue during the latest quarter fell 5 percent to $34.5 billion, the company reported Wednesday. The value of Ford’s Rivian shares fell by more than half to $5.1 billion during the quarter. The EV startup’s stock tanked from about $102 per share at the beginning of the year to about $50 on March 31 – and has fallen even further in April to around $30.
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