Ford loses $1.28B in 2020, raises electric vehicle spending
Ford Motor Co. lost $1.28 billion last year as it dealt with the coronavirus pandemic that forced it to shut down U.S. factories for about two months
DETROIT — Ford Motor Co. lost $1.28 billion last year as it dealt with the coronavirus pandemic that forced it to shut down U.S. factories for about two months.
But the automaker said Thursday it is generating strong cash flow and will go all-in on electric vehicles. Ford said it would now spend at least $22 billion developing them through 2025, nearly double what it previously announced.
The automaker said Thursday that excluding one-time items, it made 41 cents per share for the year. That beat Wall Street estimates of breaking even. Revenue for the year was $127.1 billion, down 18% from 2019. Analysts expected $128.2 billion in revenue for the year.
Ford also lost $2.8 billion in the fourth quarter. Excluding one-time items it made 34 cents per share, according to FactSet. That also beat Wall Street expectations of a 7-cent-per-share loss.
