(Reuters) – Ford Motor Co on Wednesday reported a strong quarterly profit, but warned that the global semiconductor chip shortage will slash production in the second quarter by 50%, or 1.1 million units, before bottoming out and then improving through the year.
The automaker said the global semiconductor shortage would cost it about $2.5 billion.
Shares fell 3.5% after the closing bell on Wednesday.
Ford said its net income of $3.3 billion was the best since 2011, and adjusted pre-tax profit was a record $4.8 billion.
(Reporting by Paul Lienert and Ben Klayman in Detroit; Editing by Dan Grebler)
