Ford CFO: "disappointed" with 2022 results and does not rule out further layoffs

Thank you, Mr. Air, a netizen of CTOnews.com, for your clue delivery! CTOnews.com, Feb. 5 (Xinhua) Ford missed Wall Street's profit forecast in the fourth quarter, $1.1 billion less than its full-year guidance target. Ford's fourth-quarter net income was $1.3 billion, down $11 billion from a year earlier. For the whole year, Ford lost $2 billion, nearly $20 billion less than its profit in 2021.

"We should have done better last year," Ford CEO Jim Farley said in a financial statement. "We lost about $2 billion last year, and these profits are under our control, and we will correct that by improving execution and performance."

Ford Chief Financial Officer (CFO) John Lawler said Thursday that Ford's disappointing earnings were mainly due to implementation and supply chain management problems, CTOnews.com learned. The company sold 100000 vehicles less than expected, equivalent to missing about $1 billion in earnings, he said. He said that Ford would focus on improving the company's business performance in the future, and he did not rule out the possibility of increasing layoffs, especially in Europe.

In addition, he also said that after the introduction of more preferential measures, the price of Ford cars this year will be basically the same as the previous year. Finally, he believes that Ford's current cost control is not competitive, and that many regions around the world will carry out further cost cuts in the follow-up period.

Looking back at Ford's sales in 2022, domestically, the joint venture brand Changan Ford sold about 250000 cars in 2022, down 17% from the same period last year. In the United States, Ford's stronghold, its cumulative sales reached 1.85 million units in 2022, second only to General Motors and Toyota, and its model Raptor series pickup truck has an absolute dominant position in the market. Fox, Mondeo, Yihu and other products also have a good market performance.