Ford Reports Quarterly Losses Over $ 2 Billion, Increases Investment in Electric Vehicles

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Ford Motor Co. reported a broader-than-expected quarterly loss Thursday night, but the stock traded higher as Wall Street appeared to focus on a renewed push toward autonomous and electric vehicles. Ford F, + 1.52% said it lost $ 2.8 billion, or 70 cents a share, in the quarter, compared to a loss of $ 1.7 billion, or 42 cents a share, in the prior-year quarter. Sales fell to $ 36 billion from $ 39.7 billion a year ago.

Analysts surveyed by FactSet expected Ford to report GAAP and an adjusted loss of 7 cents a share on sales of $ 36.8 billion. Ford said it increased its “commitment to investing in growth,” planning to spend more than $ 22 billion on electric vehicles and $ 7 billion on autonomous vehicles. The company said early Thursday it was halting production of its F-150 pickup truck, its biggest source of revenue and the number one vehicle sold in the United States for decades, due to a semiconductor shortage. Ford said it will cut F-150 production at a Detroit-area plant starting next week to just one shift from three. Another F-150 plant will run two of its three shifts next week. Both factories are expected to return to their regular 24-hour hours on February 15. Ford shares have gained about 24% in the last 12 months, compared to gains of about 17% for the S&P 500 Index. SPX, + 1.09%