Ford cruises by chip shortage, boosts outlook

FOX Business’ Grady Trimble speaks with Ford exec Darren Palmer on electric car models at the Chicago Auto Show.

Ford Motor Co. revved up surprise second-quarter profits this year – powered by climbing pickup and SUV prices even as a global computer chip shortage forced it to pump the brakes on production, which dropped by roughly half.

The company reported revenue of $26.8 billion and net income of $561 million – beating expectations and fueling hopes for the future of Ford+, the company’s new business plan.

“Ford+ is about creating distinctive products and services, always-on customer relationships and user experiences that keep improving,” Ford President and CEO Jim Farley said in a statement. “And it’s already happening – there are great examples everywhere you turn at Ford, and the benefits for our customers and company will really stack up over time.”

Ticker Security Last Change Change %F FORD MOTOR CO. 13.86 +0.06 +0.43%

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