Ford Motor Co. late Thursday reported a wider-than-expected quarterly loss, but the stock traded higher as Wall Street focused on the auto maker’s renewed push toward autonomous and electric vehicles.
said it lost $2.8 billion, or 70 cents a share, in the quarter, compared with a loss of $1.7 billion, or 42 cents a share, in the year-ago quarter. Sales fell to $36 billion from $39.7 billion a year ago.
Analysts polled by FactSet had expected Ford to report a GAAP and adjusted loss of 7 cents a share on sales of $36.8 billion.
Ford said it increased its “commitment to invest in growth,” planning to spend more than $22 billion in electric vehicles and $7 billion in autonomous vehicles. The investment in EVs is nearly double an earlier allocation, the company said.
“The transformation of Ford is happening and so is our leadership of the EV