Ford expects a $2.5 billion hit to earnings due to scarce chip supplies, which it previously characterized as a worst case scenario. Ford now projects $5.5 billion and $6.5 billion in adjusted earnings before interest and taxes for the year. The company previously said chip losses in 2021 could be as little as $1 billion, which would result in earnings of $7 billion to $8 billion. In Europe, Ford reported profit of $341 million before interest and taxes, compared with a loss of $143 million loss a year ago. Ford posted a $15 million loss before interest and taxes in China, an improvement from last year’s $241 million loss.

Source: Mint April 28, 2021 22:30 UTC