Ford posted better than expected Q1 results citing strong vehicle pricing that offset higher costs and inflations. The company maintains profit forecasts for the year despite investment setbacks, with their Rivian stocks leading to a $3.1B shortfall for the quarter. Ford owns a 12% stake in Rivian and has lost $5.4B on the investment so far but continues to hold the stock.
Refocus. Ford also announced 580 US employee cuts as part of its Ford+ plan. The cuts include 350 salaried and 230 agency positions, mainly in engineering, as the automaker focuses on EVs.