Ford Motor Co. reported Thursday that its fourth-quarter net income fell 90% from a year earlier, leading company officials to say the automaker's costs are too high and to pledge more belt-tightening this year.
CEO 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 execution this year.
The global shortage of computer chips and other parts hit Ford hard at the end of last year, costing it production of roughly 100,000 vehicles that could have been sold, Chief Financial Officer John Lawler told reporters.
“Our cost structure is not competitive, and our quality is not where it needs to be,” Lawler said, quoted by AP. He did not rule out further white-collar layoffs and said the company needs to cut manufacturing and warranty costs.
© Copyright LaPresse - Riproduzione Riservata