DETROIT, MI (AP)— Ford has reported a $3.1 billion loss for the first quarter, in large part because of a drop in the value of its investment in an electric-vehicle startup.
The automaker also said Wednesday that its revenue fell 5 percent from a year ago as a shortage of chips limited the supply of vehicles.
Meanwhile, General Motors’ net income also declined in the first quarter. The automaker reported net income of $2.94 billion, or $1.35 per share, versus a profit of $3.02 billion, or $2.03 per share, in the same quarter last year.
