July 30, 2020 / 8:18 PM / 12 days ago

Ford posts quarterly profit thanks to VW investment in Argo

July 30 (Reuters) - Ford Motor Co on Thursday posted a quarterly profit thanks to an investment by Volkswagen AG in the No. 2 U.S. automaker’s self-driving Argo unit, offsetting the impact of a production shutdown forced by the coronavirus pandemic.

Ford reported net income in the second quarter of $1.1 billion, or 28 cents a share, compared with a profit of $100 million, or 4 cents a share, a year earlier. Excluding items, Ford posted a second-quarter operating loss of $1.9 billion, or 35 cents a share. (Reporting by Ben Klayman; Editing by Tom Brown)

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