Ford Motor Company, the iconic American automaker, posted its financial results for the fourth quarter of 2020, and the news was not good. The company reported a net loss of $2 billion for the year and a sharp decline in profits for the fourth quarter.
Ford’s Chief Financial Officer Tim Stone said the company’s performance “fell short of our potential,” and the company’s president and CEO Jim Farley promised to make changes to ensure better performance in the future.
Ford’s fourth quarter results were especially ugly, with the company posting a 90% decline in profits compared to the same period in 2021. The company attributed this to “execution issues” that plagued its operations in the fourth quarter.
In addition, Ford said that its profits were left “on the table,” and that it will be making more cost cuts to help improve its financial performance.
The news of Ford’s financial results sent the company’s stock price sharply lower, with the stock dropping more than 4% in after-hours trading.
The news of Ford’s financial results has been widely covered by news outlets, including Detroit News, CNBC, Yahoo Finance, and MarketWatch.