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.
David Zatz started what was to become the world’s biggest, most comprehensive Mopar site in 1994 as he pursued a career in organizational research and change. After a chemo-induced break, during which he wrote car books covering Vipers, minivans, and Jeeps, he returned with Patrick Rall to create StellPower.com for daily news, and to set up MoTales for mo’ tales.
David Zatz has around 30 years of experience in covering Chrysler/Mopar news and history, and most recently wrote Century of Chrysler, a 100-year retrospective on the Chrysler marque.
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