MOSCOW (Pakistan Point News / Sputnik - 27th October, 2022) US automaker Ford Motor Co. said on Thursday that it suffered a net loss of $3.27 billion attributable to the parent company in the first three quarters of 2022, compared to a profit of $5.655 billion in the same period last year.
The diluted loss per share was $0.81 following a profit of $1.4 a year earlier. At the same time, the company's revenue increased by 15.6% to $114.058 billion.
Ford's net loss in the third quarter of 2022 totaled $827 million, comparing with a $1.832 billion profit in the third quarter last year. The diluted loss per share was $0.21 compared to a profit of $0.45 in 2021. The company's quarterly revenue increased by 10.4% to $39.392 billion.
The company said that the Argo AI project is the reason for the quarterly loss. The project for autonomous driving programs was developed jointly with Volkswagen. Ford's costs amounted to $ 2.7 billion.
After the close of trading, Ford shares are losing 1.3%.
