The automaker, which was created by the merger of Fiat Chrysler and Peugeot, has lagged in the fast-growing market for electric cars.
The electric car start-up cited shortages of semiconductors and other supply chain problems.
The electric vehicle maker’s stock surged after a public offering last fall but has since plunged, in part because the company failed to meet its 2021 goals.
The electric vehicle maker’s stock surged after a public offering last fall but has since plunged, in part because the company failed to meet its 2021 goals.
Ford ended the year with more revenue than General Motors for the second year in a row.
The company will make electric pickups at an existing plant and batteries at a factory built with a partner, a person with knowledge of the plan said.
The automaker also reported a big jump in revenue, to $13.8 billion from $8.8 billion a year ago, as sales of the Model Y continue to rise.
The deal could result in the sale of the struggling automaker’s Ohio factory to Foxconn. Lordstown is under federal investigation and needs more cash to mass-produce an electric pickup truck.
The recall now covers 2017-2022 models. The latest move, to add three more model years, will increase costs by $1 billion.
