Ford announced its financial results for the fourth quarter of 2022 on Thursday, revealing revenue of $44 billion, a 17% increase from the previous year. This figure was higher than the expected $39.8 billion by the market. Despite this positive news, the company’s net profit was $1.3 billion in the fourth quarter, lower than the $12.3 billion in the same period the previous year. Earnings per share came in at $0.51, below the expected $0.62 by analysts. However, the adjusted pre-tax profit was $2.6 billion.
Full-Year Results Show Net Loss, Optimistic Outlook for 2023
For the full year of 2022, Ford recorded a net loss of $2 billion. The adjusted pre-tax profit was $10.4 billion. Looking forward, the company projects the adjusted pre-tax profit to be between $9 and $11 billion in 2023.
Ford Cuts Prices for Mustang Mach-E
On Monday, Ford announced a price cut for its Mustang Mach-E electric SUV, with an average reduction of $4,500 and a maximum reduction of $5,900. Mustang Mach-E was the third best-selling electric vehicle model in the US in 2022. Ford stated that the updated pricing is part of its plan to maintain competitiveness in a rapidly changing market. Additionally, the company plans to significantly increase production for the Mustang Mach-E in 2023, aiming to produce 130,000 vehicles for North American and European customers, higher than the previously stated goal of 78,000.