Ford Motor Co. on Feb. 2 reported that fourth-quarterly profit plunged.
The Dearborn, Mich.-based automaker posted a profit of $1.3 billion, or 32 cents a share, compared with $12.3 billion, or $3.03, for the last three months of 2021.
Quarterly revenue rose to $44 billion from $37.7 billion from the same period a year earlier.
For all of 2022, Ford reported a loss of $1.3 billion, or 49 cents a share, compared with a 2021 profit of $17.9 billion, or $4.45. 2022 revenue totaled $158 billion compared with $136 billion the year before.
Ford, in its statement said that “2022 operating results were below its expectations.”
The automaker is ramping up output of electric vehicles and is taking on Tesla Inc. for EVs deliveries.
Ford played up its future plans in its earnings report.
“I’m excited about 2023, which is pivotal for us,” CEO Jim Farley said in the statement. “We’ve got clarity and ambition.”
At the same time, Farley expressed disappointment.
“We should have done much better last year,” Farley said.
Ford is using profits from large pickups and SUVs to finance its EV plans.
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