Ford 4Q profit drops 90%, more cost cuts coming

By Associated Press

Feb 04, 2023 12:09 am

DETROIT: Ford Motor Co. reported Thursday that its fourth-quarter net income fell 90 percent from a year earlier, leading company officials to say the automaker's costs are too high and to pledge more belt-tightening this year.

Chief Executive Officer Jim Farley said Ford should have done better last year, and it left $2 billion in profits on the table that were within its control. He said Ford will correct that with improved urgency and execution this year.

BELT-TIGHTENING Photo of Ford’s logo off the grill of an unsold 2019 F-250 pickup truck at a Ford dealership in Littleton, Colorado. AP PHOTO

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