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Ford lost everything it gained in 2021.
Ford posts full-year net loss, ugly fourth quarter as ‘execution issues’ plague operations.
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Ford Motor reported an ugly fourth quarter and a full-year net loss.
The automaker cited “execution issues” that plagued operations. It fell short of expected sales by 100,000 units.
The company is looking to cut additional costs this year and is not ruling out additional layoffs.
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Ford reported an ugly fourth quarter, missing Wall Street’s earnings expectations and falling short of its own full-year guidance by $1.1 billion, as the company reported “execution issues” that plagued operations.
Ford’s fourth-quarter net income was $1.3 billion, $11 billion lower than the same period a year earlier. For the full year, Ford lost $2 billion, nearly $20 billion off its 2021 profit.
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The automaker’s full-year results were further weighed down by a $7.4 billion loss on its 9.5% stake in electric vehicle maker Rivian Automotive
and a $2.8 billion loss associated with disbanding its Argo AI autonomous vehicle unit.
Lawler said the automaker is looking to cut additional costs this year. He did not rule out additional layoffs, specifically in Europe. He said the other $1 billion in missed opportunities last year were related to costs.
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