Ford Motor Company shares took a hit this week after disappointing news during their latest investors call, losing $2 billion last year.
Ford brought in a revenue of about $44 billion in last year’s fourth quarter, an increase of about 17% over the same period in 2021.
However, the manufacturer brought in a net income of just $1.3 billion during that span, $11 billion less than the year prior. Speaking with investors, Ford CEO Jim Farley says the automaker lost $2 billion in net income last year as a result.
“To say I’m frustrated is an understatement because the year could’ve been so much more for us at Ford,” Farley said on the call.
The head of Ford pointed to supply chain and operational problems as issues that held the Dearborn-based automaker back.
“We have deeply entrenched issues in our industrial system that have proven tough to root out,” admitted Farley. “Candidly, the strength of our products and revenue masked this dysfunctionality for a long time.”
Ford also took a hit from its investment in up-start electric truck maker Rivian — which lost the company more than $5 billion in the first quarter of 2022 alone. They also had a $2.8 billion loss from shuttering its Argo AI autonomous vehicle unit.
In related news, General Motors also shared its earnings for 2022 this week, reporting a net income of almost $10 billion for the calendar year.