Ford’s 2023 operating targets presume complicated variables:

• Headwinds – including economic uncertainty around the globe; higher industrywide customer incentives, as vehicle supply-and-demand rebalances; a lower profit from Ford Credit; lower past service pension income; exchange rates; and growth-related investments, e.g., in customer experience, connected services and capital expenditures, and
• Tailwinds – such as supply chain improvements and higher industry volumes; launch of the all-new Super Duty truck; and lower costs of goods sold, including for materials and commodities.