Ford’s multi-billion dollar quarterly loss linked to Rivian investment

Posted on April 28, 2022
Rivian’s Automotive plant located at 100 Rivian Motorway in Normal. (Photo courtesy: WJBC/File)

By HOI ABC and AP

NORMAL – Ford is reporting a $3.1 billion loss in the first quarter, largely because of a drop in the value of its investment in Rivian Automotive, which makes electric vehicles in Normal.

Hopes were high for Rivian went it went public in November, but its stock price has steadily plummeted since then.

Rivian’s slide impacted Ford, which invested $500 million in the electric vehicle startup in 2019. At the time, the companies announced a joint venture to develop electric trucks. That idea was dropped, but Ford kept its investment in place.

Without the lower value for its investment in Rivian, Ford said it made $2.3 billion in pretax profit and is on track to meet its full-year goal for pretax profit.

Ford also reported revenue fell 5% in the first quarter as a chip shortage limited supply of vehicles.

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