Ford Motor earned $17.9 billion in 2021, a rebound from a loss in 2020, thanks to a large gain from its stake in the fledgling electric vehicle maker Rivian and increased production when the company’s supply of computer chips improved significantly in the second half of the year.
The automaker reported revenue of $136 billion, up from $127 billion in 2020. It was the second year in a row that Ford reported more revenue than General Motors.
Ford reported a gain of $9.1 billion from its stake in Rivian, a maker of electric pickup trucks and other vehicles. Rivian completed an initial public offering last fall and its stock surged after it began trading but has fallen sharply since mid-November.
Ford said it expected earnings before certain items to increase 15 percent to 25 percent this year. “We are bullish on 2022,” the company’s chief financial officer, John Lawler, said in a statement.
Ford is counting on a new electric pickup truck to lift sales in 2021. The truck, the F-150 Lightning, will go into production in the next few months, and Ford has said it has taken in more than 200,000 reservations from customers.
The company is also close to selling an electric delivery van that has drawn strong interest from fleet and corporate customers.
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