DETROIT — Ford Motor Co. posted a $12.3 billion profit in the fourth-quarter and finished 2021 with its best financial performance since 2016 despite ongoing production constraints that stymied sales volumes and disappointed Wall Street investors.
Executives predict increased profits and volumes in 2022 as the automaker expands its EV portfolio in a bid to challenge Tesla’s dominance.
“We’re done with incremental change,” CEO Jim Farley said Thursday on an earnings call. “We have a clear plan, a bias for action and a whatever-it-takes mindset.”
Ford’s fourth-quarter net income, up from a $2.8 billion loss a year earlier, included a $8.2 billion gain from the automaker’s investment in Rivian, the EV maker that went public in November, though Ford was in the black for the quarter even without that and other one-time items.
Ford reported fourth-quarter adjusted earnings of $2 billion before interest and taxes, a 19 percent increase from the same period a year earlier.