Ford earned $17.9 billion in 2021, buoyed by a large gain on its stake in Rivian.

Ford Motor said on Thursday it made strong profits in 2021 due to a big gain on its stake in a young electric vehicle maker and higher p...


Ford Motor said on Thursday it made strong profits in 2021 due to a big gain on its stake in a young electric vehicle maker and higher production in the second half of last year.

The automaker also said the shortage of computer chips that slowed vehicle production last year is easing.

In a conference call, Ford chief financial officer John Lawler said the company is expected to continue to face tight chip supplies and supply chain disruptions due to the Omicron variant of the coronavirus. in the first quarter of this year.

“We see things improving dramatically after this,” he said. Chipmakers have been working to increase production capacity for automotive chips “which will start coming online in the second half of the year”, he added.

Ford earned $17.9 billion in 2021, a rebound from a loss in 2020. It was helped by a $9.1 billion gain in the value of its stake in Rivian, a maker of electric trucks. Rivian completed an initial public offering in the fall and its stock jumped after it began trading, although it has fallen sharply since mid-November.

Ford posted revenue of $136 billion, up from $127 billion in 2020. It was the second year in a row that Ford ended the year with more revenue than General Motors.

Ford said it expects profit before certain expenses to rise 15% to 25% this year.

Ford is counting on a new electric pickup truck to boost sales in 2021. The truck, the F-150 Lightning, will go into production in the coming months, and Ford said it has logged more than 200,000 customer reservations. The company is also set to sell an electric delivery van that has attracted strong interest from fleets and businesses.

“The first wave of our electric vehicles are extremely popular and are attracting new customers to Ford,” Lawler said.

Established automakers are racing to come up with new electric models to compete with Tesla, which sold nearly a million vehicles globally last year, nearly twice as many as the year before.

The F-150 Lightning could be serious competition for Tesla because it’s based on a conventional truck with a large customer base — it’s the best-selling vehicle in the United States — and Tesla doesn’t yet make a pickup truck.

Ford hopes to produce at least 60,000 Lighting pickups this year and 150,000 a year by 2024.

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Newsrust - US Top News: Ford earned $17.9 billion in 2021, buoyed by a large gain on its stake in Rivian.
Ford earned $17.9 billion in 2021, buoyed by a large gain on its stake in Rivian.
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Newsrust - US Top News
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