Situs Slot Gacor Slot Gacor Gampang Menang Situs Slot Gacor https://gms.dpe.go.th/mobile/public/admin/ckfinder/plugins/fileeditor/situs-judi-slot-terbaik-dan-terpercaya-no-1/ http://portalsewa.mais.gov.my/img/icons/largest/slot-online-gacor-terbaru/ https://new.c.mi.com/th/post/340006/SBOBET__Agen_Judi_Bola_Online_SBOBET88_Resmi_Indon https://new.c.mi.com/th/post/338489/SBOBET__Agen_Bola_Resmi_Layanan_Taruhan_Online_Ter https://new.c.mi.com/th/post/338479/Agen_SBOBET_Indonesia_Terpercaya__Link_Daftar_SBOB https://new.c.mi.com/th/post/338474/Situs_Judi_Bola_Online_Sbobet_dan_Agen_Bola_Terper
Business

Ford just reported a $ 3.1 billion loss. Blame Rivian




Yes that is correct. Ford (F)which has been making cars and trucks for more than a century and has actually sold more electric vehicles than Rivian, just reported a loss due to the landslide in the Rivian warehouse.
You see Ford, along with Amazon (AMZN), was an early supporter of Rivian, which was founded in 2009 and went public last year. Ford invested $ 500 million in the start-up company back in April 2019, when the two companies announced plans to develop electric trucks together. These plans were never realized, but Ford kept the investment in place.

And despite the stock̵[ads1]7;s fall in the last five months, it’s probably glad it did.

Rivian’s IPO in November was a big hit, raising $ 12 billion for the company in the largest IPO since Facebook’s debut in 2012. Everyone wanted to get into what could be the next Tesla, and they all thought Rivian could just be the company to do so. The stock more than doubled during the first week of trading, making it more valuable than any other automaker on the planet than Tesla (TSLA) and Toyota (TM).

Then reality set in.

A few weeks later, Ford and Rivian announced that they would not work on a truck together, sending shares in Rivian to fall as much as 17% in a single day. In December, it announced plans for a new factory, but it also reported that the first sale of the electric pickup did not meet expectations. The company’s shares continued to decline after the listing, falling 10% in one day.
At the end of 2021, Rivian shares were 40% lower than they had been from the highest close the week after the listing. Still, it was worth about $ 92 billion, or about $ 10 billion more than Ford itself was worth. That meant Ford’s initial $ 500 million investment in the Rivian was worth $ 10.6 billion. And so it was that Ford reported a return on investment of $ 9.1 billion for the year.
Rivian’s shares continue to slide as supply chain problems put investors on guard against any non-Tesla automaker, whether they made either electric or gas-powered vehicles.
Rivian CEO and founder RJ Scaringe, Ford's CEO Bill Ford in 2019 when they announced Ford's $ 500 million investment in the emerging electric truck manufacturer.

So far this year, Rivian shares are down 70% through Wednesday’s closing. So on Wednesday afternoon, Ford announced that it had taken a $ 5.4 billion pre-tax fee related to the investment in Rivian, which had lost about half of its value during the first quarter.

As a result, Ford reported a net loss of $ 3.1 billion. It would have made a profit of $ 1.6 billion at no extra cost.

That $ 1.6 billion profit, excluding special items, was slightly better than Wall Street’s forecasts, although it was down 44% from what it reported on that basis a year earlier. Car revenues of $ 32.1 billion fell by 4%, even though they beat forecasts by around $ 1 billion.

Ford F-150 Lightning electric pickup launches crucial product launch
As was the case throughout the automotive industry, Ford’s supply chain problems, such as the lack of computer chips, limited the number of vehicles it could make and sell. In fact, at the end of the quarter, it had 53,000 vehicles that were largely completed, but were awaiting installation of components affected by the lack of semiconductor supplies. Wednesday, Ford CEO Jim Farley described the results as “mixed”.

“The appeal of our new products is very clear, and customer demand is extremely strong beyond the supply constraints in our industry,” Farley said in an interview with investors. even stronger quarter. “

On Wall Street, which had feared the worst, investors shrugged off Ford’s allegations about Rivian and focused on better-than-expected results. And thus Ford shares rose by more than 1% in aftermarket.



Source link

Back to top button