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In January, Ford Motors financial report revealed the company lost 2.2 billion in 2022. The car company cited high costs and supply chain problems as the key causes of the company’s financial performance.

Specifically, Fords investment in Rivian, a new electric truck maker, and Argo AI, a company developing autonomous vehicles, resulted in major losses. In October of 2022, Ford said it had sold nearly all of its stake in Rivian as well as Argo.

Similarly, within its internal company structure, recalls on cars and trucks played a significant role in 2022 annual losses.

Recalls can be expensive and time consuming, and company executives said in late January that they were working to improve the reliability of their vehicles.

“In simple terms, we need to improve quality and lower costs now,” the company’s chief financial officer, John Lawler, said in a conference call.

Ford’s performance was also hurt by a $600 million loss stemming from its joint ventures in China and about $12 billion in special expenses, including those related to Argo and Rivian, which has lost much of its value since it listed on the stock exchange in November 2021.

“We should have done much better last year,” the company’s chief executive, Jim Farley, said in a statement.

Excluding the special expenses, interest and taxes, Ford made a $10.4 billion profit last year, it said, roughly as much as in 2021.

Ford’s production has been slowed by the global shortage of computer chips, and Mr. Lawler said the company expected some disruptions to continue this year and a slight increase in production volume.

“In 2023, there is still going to be volatility on chips,” he said. “On the older chips used in the auto industry, there is still capacity constraint.”

Ford said it expected this year’s adjusted earnings before interest and taxes to range between $9 billion and $11 billion.

Source: https://www.nytimes.com/2023/02/02/business/ford-earnings-fourth-quarter-2022.html