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Ford sees better-than-expected quarterly profit on higher vehicle prices

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Reuters

(Reuters) -Ford Motor Co said on Thursday its second-quarter operating profit will exceed expectations due to lower costs and rising prices for new and used vehicles amid the global semiconductor chip shortage. Ford Chief Executive Jim Farley also said at a Deutsche Bank conference that the No. 2 U.S. automaker will eventually raise its spending on electric vehicles beyond the $30 billion-plus through 2025 that it outlined last month. He added the Argo AI self-driving software startup, in which Ford invested, will need more funding in the future. Ford will provide a more detailed forecast for …

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