Ford’s net loss exceeds $1B

The net loss attributable to the parent company of the US automobile giant Ford Motor Co. amounted to $1.279 billion last year compared to a profit of $47 million a year earlier, Report informs, referring to the company’s statement.

Diluted loss per share was $0.32 against a profit of $0.01 in 2019. Ford’s revenue decreased 18 percent to $127.144 billion.

Ford’s fourth-quarter net loss grew 1.6-fold on an annualized basis to $2.788 billion. Diluted loss per share was $0.7 last year against a loss of $0.42 a year earlier. Revenue for these three months decreased by 9 percent compared to last year, to $36 billion.

Production losses are expected throughout the first half of this year, according to Ford. The company also notes that a shortage of semiconductors could affect its operating results this year.

The Ford concern was founded in 1903 by Henry Ford, who received $28,000 for business development from five investors. The company became known as the first in the world to use the classic car assembly line. The company employs about 191,000 people worldwide.