Ford Motor Co. missed Wall Street analysts' expectations for its fourth-quarter financial results despite a profitable year overall, but executives expressed optimism about the trajectory the company is on for 2022 as it sees strong demand for its burgeoning portfolio of all-electric vehicles.
The Dearborn automaker booked $17.9 billion in profit on $136.3 billion in revenue in 2021, the company reported Thursday, bolstered by $9.1 billion in gains on its investment in electric-vehicle startup Rivian and despite supply-chain issues that dragged down auto production last year. The results compare to a $1.3 billion loss on $127.1 billion in revenue in 2020.
"Financial performance is obviously critical," CEO Jim Farley said in a statement. “We’re also proud that customers see how Ford is taking EVs mainstream, and have already ordered or reserved more than 275,000 all-electric Mustang Mach-E SUVs, F-150 Lightning pickups and E-Transit commercial vehicles — and we’re breaking constraints to deliver every one of them as fast as we can.”
