DETROIT (Reuters) – Ford Motor Co on Wednesday maintained its profit forecast for the year, citing strong pricing for its vehicles.
The automaker reported a net loss of $3.1 billion for the first quarter, which it attributed primarily to a lower valuation of its stake in electric vehicle maker Rivian Automotive Inc.
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%.
(Reporting by Paul Lienert and Ben Klayman in Detroit; Editing by Chris Reese and Matthew Lewis)
