Ford Motor Co on Thursday said quarterly profits fell and the automaker predicted a difficult year ahead, sending its shares down after the bell as investors were disappointed following this week's robust report from rival General Motors Co .
GM shares jumped on Tuesday, and Ford's shares rose slightly after GM reported higher net income for the fourth quarter, forecast stronger-than-expected earnings for 2023 and said it would cut $2 billion in costs.
Lawler said Ford's fourth-quarter sales volumes were 100,000 vehicles short of expectations. He blamed most of that on the company's inability to get enough chips for its cars. Lawler said it was "hand-to-hand combat" to get chips and capacity was still constrained for the larger, older chips used in the auto sector.
Quality issues continued to drag Ford's results. Lawler said Ford should be able to reduce warranty costs by $2 billion annually.
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