Automotive giant Ford posted his first quarter loss in two years on Wednesday after watching $ 800 billion at tariff cost.
Ford reported $ 50.2 billion in the second quarter revenue, which increased by 5 percent from the second quarter last year.
Dearborn, Mich., The company stated a net deficit of $ 36 million, “Special fee related to a field service action and the cancellation of an electric vehicle program”
The cost related to tariffs will run up to about 2 billion dollars in annual income to the company.
Ford’s top officials are in touch with the White House to reduce tariffs on steel and aluminum.
He has made it clear that Ford should not be denied as the most American vehicle manufacturer, ”Ford’s CFO Sheri House said on Wednesday, According For Wall Street Journal. “We are optimistic.”
President Trump slapped 25 percent tariff on imported automobiles and parts in April. Since then, he has Well Adjust Auto reached the part of the tariff and one deal With the European Union, with 15 percent tariff on cars.
The house said, “We recorded a year-on-year cost improvement in our fourth consecutive quarter, except for the impact of tariffs, we constructed last year when we shut down about $ 1.5 billion of our competitive cost interval in material costs,” the house said.
Ford manufactures most of its vehicles in America raised Its three models produced in Mexico were produced in Mexico, under the influence of Trump’s tariff.
Ford reported $ 28.4 billion in cash and $ 46.6 billion at the end of the quarter.
