Ad Blocker Detected
Our website is made possible by displaying online advertisements to our visitors. Please consider supporting us by disabling your ad blocker.
Ford Motor reported $1.8 billion in gain for the three months that finished in September, a decline that the enterprise attributed mostly to the international shortage of computer system chips.
Revenue fell about 5 %, to $35.7 billion, the automaker mentioned Wednesday. In the exact same interval a yr ago, when car revenue were being rebounding soon after a slump triggered by the coronavirus pandemic, Ford acquired $2.4 billion on $37.5 billion in revenue.
“Semiconductor availability stays a problem, but markedly enhanced from the 2nd quarter,” the corporation mentioned in a statement.
Irrespective of the lack of computer system chips, Ford improved its earnings outlook for 2021 and explained it would resume paying a dividend in the fourth quarter.
Previously on Wednesday, General Motors, which has also been hampered by the personal computer chip shortage, documented that its third-quarter financial gain fell to $2.4 billion from $4 billion in the yr-earlier interval.
Modern cars need dozens of pc chips for a extensive array of digital components these types of as motor controllers and infotainment devices. Output of automotive chips declined drastically previous 12 months for the duration of the pandemic, leaving automakers with shortages that have pressured them to idle vegetation for months at a time.
