Ford Motor Co. swung to a net loss of $3.1 billion in the first quarter, a reversal largely driven by a steep loss in valuation of its stake in electric-vehicle startup Rivian Automotive Inc.
The Dearborn, Mich., auto maker stood by its year-end guidance of pretax profit of $11.5 billion to $12.5 billion in 2022, despite continued challenges securing enough auto parts to keep assembly lines fully running. The quarterly loss compares with a net profit of $3.3 billion in the first quarter of 2021.
