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Ford loses $1.28B in 2020, raises electric vehicle spending

The automaker mentioned Thursday that excluding one-time objects, it made 41 cents per share for the yr. That beat Wall Road estimates of breaking even.

AP

PUBLISHED ON FEB 05, 2021 06:10 AM IST

Ford Motor Co. misplaced $1.28 billion final yr because it handled the coronavirus pandemic that pressured it to close down U.S. factories for about two months.

However the automaker mentioned Thursday it’s producing sturdy money movement and can go all-in on electrical autos. Ford mentioned it could now spend not less than $22 billion creating them by means of 2025, almost double what it beforehand introduced.

The automaker mentioned Thursday that excluding one-time objects, it made 41 cents per share for the yr. That beat Wall Road estimates of breaking even. Income for the yr was $127.1 billion, down 18% from 2019. Analysts anticipated $128.2 billion in income for the yr.

Ford additionally misplaced $2.eight billion within the fourth quarter. Excluding one-time objects it made 34 cents per share, in keeping with FactSet. That additionally beat Wall Road expectations of a 7-cent-per-share loss.

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