Ford Motor said it lost $526 million in the final three months of 2023, mainly as a result of special charges related to its employee pension programs and the reorganization of some of its overseas operations.
The automaker said its fourth-quarter revenue rose to $46 billion, from $44 billion a year earlier, thanks to strong sales of internal-combustion vehicles and light commercial trucks.
The division of the company that makes gasoline and hybrid vehicles earned $813 million before interest and taxes in the fourth quarter, and its commercial vehicle division made $1.8 billion. The unit that makes electric vehicles lost $1.6 billion.
Looking ahead, Ford said it expected to make between $10 billion and $12 billion in adjusted earnings before taxes and interest this year.