Ford posts strong earnings but warns chip shortage will get worse before it gets better
CNN
Ford posted a much better first quarter than Wall Street was expecting. But it warned that the computer chip shortage that has dogged automakers will get worse before it gets better.
The chip shortage will likely reduce Ford's 2021 production by about 1.1 million vehicles and cut its profit by about $2.5 billion, the upper end of the range it previously gave for the hit to earnings. The shortage will trim about 10% of its planned production in the current quarter, the company said in its earnings statement Wednesday. Despite the strong results, the warnings about the difficulties ahead for the chip shortage sent shares of Ford (F) slightly lower in after-hours trading.
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