Ford Motor said on Wednesday that it lost $3.1 billion in the first three months of the year because of a sharp drop in the stock price of Rivian, an electric vehicle start-up that Ford has taken a stake in. Ford was also hurt by slowing sales stemming from an ongoing shortage of computer chips.
Without taking in account the decline in its shares in Rivian, Ford said it made $2.3 billion before interest and taxes.
Ford, which has just started making , reported revenue of $34.5 billion, down from $36.2 billion a year earlier. In the first three months of 2021, Ford made a profit of $3.3 billion.
The company sold 966,000 vehicles in the first quarter, down from 1.1 million a year ago. Higher prices for new vehicles have helped Ford and other automakers offset some of the impact of lower sales.