Ford, the second-largest U.S. automaker, posted better-than-expected third-quarter results and raised its profit targets despite the global chip crisis.
Ford Motor Company, headquartered in Dearborn, USA, is the world’s sixth largest automaker after Toyota, Volkswagen, General Motors, Hyundai and Stellantis. Ford’s 2020 revenue was $127.1 billion and it reported a profit of $4.8 billion.
Full-year 2021 adjusted operating profit is now expected to be between $10.5 billion and $11.5 billion (9.9 billion euros), Ford said Wednesday, Oct. 27, after the U.S. stock market closed. The previous forecast had been a maximum of ten billion dollars. The stock has since reacted positively, rising 30 percent to date.
Last quarter, profit and revenue fell sharply, but less than analysts had expected, in the face of weakened production due to the semiconductor shortage. Ford also stated that the supply situation had eased considerably in the meantime.
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