Ford posts quarterly profit thanks to VW investment in Argo

By Nick Carey and Ben Klayman

(Reuters) – Ford Motor Co on Thursday posted a quarterly profit thanks to an investment by Volkswagen AG in the No. 2 U.S. automaker’s self-driving Argo unit, offsetting the impact of a production shutdown forced by the coronavirus pandemic.

Ford reported net income in the second quarter of $1.1 billion, or 28 cents a share, compared with a profit of $100 million, or 4 cents a share, a year earlier. Excluding items, Ford posted a second-quarter operating loss of $1.9 billion, or 35 cents a share.

(Reporting by Ben Klayman; Editing by Tom Brown)