WASHINGTON: The US car giant Ford continued to lose money with its electric vehicles in the last quarter, reported dpa news.
The division suffered an operating loss of US$1.3 billion – – almost double the loss of US$717 million a year earlier. Meanwhile, cars with combustion engines and commercial vehicles generated operating profits of around US$1.7 billion each.
Overall, Ford increased sales by 11 per cent year-on-year to US$44 billion. The bottom line was a profit of US$1.2 billion after the same quarter last year saw a loss of US$827 million. However, analysts had expected more. The share price fell by 4 per cent at times in after-hours trading on Thursday.
Ford withdrew its forecasts for the current year, blaming the agreement it had just reached with the US union UAW.
Ford on Wednesday became the first of the big three US automakers to reach an agreement with the UAW after a nearly six-week-long strike.
The deal, which includes a 25 per cent pay rise over the life of the collective bargaining agreement, still needs to be signed off by the union’s rank and file. – BERNAMA-dpa
