DETROIT — This will be a year of belt- tightening for both General Motors and Ford Motor Co. as a potential recession looms, but the rival automakers are coming from very different places as they target billions of dollars in cost cuts.
GM achieved record earnings in 2022 of $14.5 billion before interest and taxes, and it posted nearly $10 billion in net income. Ford generated more revenue than GM but reported its second net loss in three years and fell more than $1 billion short of the earnings guidance it provided as recently as October.
Ford CEO Jim Farley blamed poor execution and "dysfunctionality" within the company he took over more than two years ago for leaving some $2 billion in profits on the table.