Chip Shortage Wreaks Havoc on Automakers’ Quarterly Results

October 28, 2021

Ford Motor Co. on Wednesday (Oct. 27) said third-quarter net income fell 24% to $1.8 billion because of the lingering microchip shortage, but strong demand drove the automaker to again raise its full-year guidance and reinstate a quarterly cash dividend. Ford reported adjusted earnings of $3 billion before interest and taxes, down from $3.6 billion in the same period a year ago. Revenue fell 4.8% to $35.7 billion. RV Business