Ford Reports Devastating Losses Thanks to Electric Vehicle Gamble

Major U.S. automaker Ford blamed its sizable investment in electric vehicle (EV) company Rivian for its dramatic revenue decline in the first quarter of 2022.

Ford reported revenue of $34.5 billion between January and March, a 5% decline relative to the same period in 2021, and a net loss of $3.1 billion, according to the company’s earnings report released Wednesday. The Detroit automaker said its large investment in Rivian accounted for $5.4 billion in losses during the first quarter.

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Ohio Considering Push to Incentivize Purchase of Electric Vehicles

State lawmakers are considering a five-year tax credit for Ohio residents who purchase or lease a plug-in an electric vehicle (EV), a move proponents say will jump-start production in the state.

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