Ford announced that its fourth quarter net income was $1.3 billion, below its 2021 number, though GM posted a hefty increase in profits. For 2022 as a whole, Ford lost $2 billion (adjusted EBIT, or earnings before interest and taxes, was a respectable $10.4 billion.)
Ford CEO Jim Farley blamed the problem on execution and supply chain management. He said the company would make around $10 billion in 2023, despite forecasts he cited for a mild recession in the US and a moderate recession in Europe.
North American earnings were $9.2 billion for the year, so while Ford is losing money, it is also paying out profit-sharing checks to UAW workers; they will get $9,176 each when checks are sent out in March.