Ford Motor reported $1.8 billion in revenue for the three months that resulted in September, a decline that the corporate attributed primarily to the worldwide scarcity of pc chips.
Income fell about 5 %, to $35.7 billion, the automaker mentioned Wednesday. In the identical interval a 12 months in the past, when auto gross sales had been rebounding after a hunch brought on by the coronavirus pandemic, Ford earned $2.4 billion on $37.5 billion in income.
“Semiconductor availability stays a problem, however markedly improved from the second quarter,” the corporate mentioned in an announcement.
Regardless of the scarcity of pc chips, Ford increased its earnings outlook for 2021 and mentioned it could resume paying a dividend within the fourth quarter.
Earlier on Wednesday, Basic Motors, which has additionally been hampered by the pc chip scarcity, reported that its third-quarter profit fell to $2.4 billion from $4 billion within the year-earlier interval.
Trendy vehicles require dozens of pc chips for a variety of digital elements similar to engine controllers and infotainment methods. Manufacturing of automotive chips declined considerably final 12 months throughout the pandemic, leaving automakers with shortages which have compelled them to idle crops for weeks at a time.