Ford logo is pictured at the 2019 Frankfurt Motor Show in Frankfurt, Germany. DETROIT: Ford Motor posted a surprising US$3.26 billion first-quarter net profit on Wednesday , but the company said a worsening global computer chip shortage could cut its production in half during the current quarter.
Farley said at first, the company thought it could make up lost production later in the year. But a March fire in Japan at a Renesas Electronics Corp chip foundry made things much worse. Renesas supplies about two-thirds of the auto industry’s chips, including nine top-tier parts makers for Ford, Farley said.
Ford now predicts full-year pretax income to be between US$5.5 billion and US$6.5 billion, including a US$2.5 billion cut due to the chip shortage. In February it estimated the shortage could reduce its full-year pretax earnings by US$1 billion to US$2.5 billion. “You're seeing that flow through with the strong products,” he said. Since 2019, Ford’s average vehicle sales price is up US$1,900 over the industry average, he said.
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