The American car company Ford Motor Company suffered so much loss in the fourth quarter of last year that almost all the profits from 2019 have disappeared. Investors were surprised by the negative figures; just after the announcement, the share plummeted 10 percent.
Ford was faced with a loss of 1.7 billion dollars (more than 1.5 billion euros) in the last quarter. This is mainly due to a previously announced billions in billions for pension liabilities, but the company also faced weak sales, CNN writes.
Over the entire year, ‘only’ $ 84 million in profit was ultimately left. This compares poorly with the 3.7 billion and 7.8 billion dollar profit in the previous two years.
Earlier, profit expectations had already been adjusted downwards, but CEO James Hackett wrote in a letter that the company had performed “below expectations”. Ford is in the midst of a restructuring of the company that costs around $ 11 billion. The American car concern wants to focus on trucks, SUVs, electric and self-driving cars.
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