DETROIT - Ford Motor Co on Wednesday reported a net loss of $3.1 billion for the first quarter of 2022 but maintained its profit forecast for the year, citing strong pricing for its vehicles.
Ford attributed the loss primarily to a lower valuation of its stake in Rivian, which produces the R1T pickup with which Ford's new all-electric F-150 Lightning will surely compete.
Ford said it still expects $11.5 billion to $12.5 billion in operating earnings, despite the war in Ukraine, supply-chain disruptions, inflation and rising U.S. interest rates that have hit the industry.
The company also said it expects strong pricing to remain in effect, improved availability of semiconductors in the second half of the year, and wholesale volume growth of 10% to 15%.
Crosstown rival General Motors reported a nearly $3 billion Q1 profit Tuesday. Stellantis' earnings call is scheduled for May 5, 2022.
(Reporting by Paul Lienert and Ben Klayman in Detroit; Editing by Chris Reese and Matthew Lewis)
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