“We should have done much better last year,” said CEO Jim Farley. “We left about $2 billion in profits on the table that were within our control, and we’re going to correct that with improved execution and performance.”

Nevertheless, Ford declared a regular dividend of 15 cents per share declared, plus supplemental dividend of 65 cents per share, enabled in part by the “ nearly complete monetization of stake in Rivian Company.” Ford anticipates full-year 2023 adjusted EBIT of $9 billion to $11 billion and adjusted free cash flow of about $6 billion.