Shares of automobile companies such as Ford Motor Company (NYSE:F) and General Motors Company (NYSE:GM) are trading lower after Ford announced it expects to lose about 50% of its planned second-quarter production amid chip shortage.
Ford announced the 50% loss in production was mainly impacted by the fire at Renesas and in the second half of 2021; the company expects to lose about 10% of its planned production.
Ford manufactures automobiles under its Ford and Lincoln brands. The stock was trading down 10% at $11.19 at the time of publication. The company has a 52-week high of 13.62 and a 52-week low of $4.52.
General Motors designs, builds, and sells cars, trucks, crossovers, and automobile parts worldwide. The stock was trading down 3.9% at $56.28. The company has a 52-week high of $63.44 and a 52-week low of $20.12.
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