Ford to provide update on impact of chip shortage on 28 April

Ford Motor said on Wednesday while making a declaration of the latest North America production cuts at seven assembly plants because of the global chip shortage, that it would provide an update on April 28 to the expected impact on its 2021 profit.

The automaker earlier said its operating profit this year would be slashed by $1 billion to $2.5 billion. The update to that forecast will be given when Ford reports first-quarter results on April 28. A spokeswoman refused to discuss further.

The chip shortage, which has hit automakers worldwide, emerges from a confluence of factors as carmakers, which closed plants for two months during the COVID-19 pandemic last year, rival against the sprawling consumer electronics industry for chip supplies.

Semiconductors are used in automobiles, including to monitor engine performance, manage steering or automatic windows, and sensors utilized in parking and entertainment systems.