Ford loses $1.28B in 2020, raises electric vehicle spending

The automaker said Thursday that excluding one-time items, it made 41 cents per share for the year. That beat Wall Street estimates of breaking even.

Ford Motor Co. lost $1.28 billion last year as it dealt with the coronavirus pandemic that forced it to shut down U.S. factories for about two months.

Ford also lost $2.8 billion in the fourth quarter. Excluding one-time items it made 34 cents per share, according to FactSet.(AFP file photo)

But the automaker said Thursday it is generating strong cash flow and will go all-in on electric vehicles. Ford said it would now spend at least $22 billion developing them through 2025, nearly double what it previously announced.

The automaker said Thursday that excluding one-time items, it made 41 cents per share for the year. That beat Wall Street estimates of breaking even. Revenue for the year was $127.1 billion, down 18% from 2019. Analysts expected $128.2 billion in revenue for the year.

Ford also lost $2.8 billion in the fourth quarter. Excluding one-time items it made 34 cents per share, according to FactSet. That also beat Wall Street expectations of a 7-cent-per-share loss.