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Ford reports a 65% drop in Q1 profits and expects tariffs to cost $1.5 billion this year.
Ford reported a 65% drop in first-quarter profits, from $1.33 billion to $473 million, and expects a $1.5 billion hit to its operating profit due to tariffs this year.
The company withdrew its full-year financial guidance due to the uncertainty surrounding the Trump administration's evolving trade policies.
Ford's CFO stated that while prices might rise by 1% to 1.5%, the company aims to offset costs through reduced buyer incentives and higher prices for new models.
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Ford informa una caída del 65% en las ganancias del primer trimestre y espera que los aranceles costen $1.5 mil millones este año.