Ford Reports Devastating Losses Thanks to Electric Vehicle Gamble
Major U.S. automaker Ford blamed its sizable investment in electric vehicle (EV) company Rivian for its dramatic revenue decline in the first quarter of 2022.
Ford reported revenue of $34.5 billion between January and March, a 5% decline relative to the same period in 2021, and a net loss of $3.1 billion, according to the company’s earnings report released Wednesday. The Detroit automaker said its large investment in Rivian accounted for $5.4 billion in losses during the first quarter.
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