Ford's been left feeling a little frustrated. Full-year profits were nearly $1.1B lower than anticipated, and their shares fell more than 6% during after-hours trading on Thursday. Ford pointed toward the usual suspects, chip shortages, supply chain disruptions, and slow production, to explain the dip.
Down, but still up. The company's overall revenue increased 16% to $158.1B in 2022, including a 17% uptick in the fourth quarter to $44B.
CEO Jim Farley remains optimistic and has outlined plans to slash prices and increase quality. Farley's plan involves investing heavily in electric/autonomous vehicles and sustainability practices to achieve carbon neutrality by 2050.