Like 2021, 2022 has been a challenging year for the automotive industry. The global automotive semiconductor shortage has impacted automakers' production throughout both years, with brands halting or cutting their outputs to tackle the shortage. Furthermore, Russia's invasion of Ukraine led to primary material price inflation, which hit the metal and automotive industries. Worldwide car sales in 2022 were projected to be about 600,000 less than the 2021 sales volume, which still comes far below pre-pandemic levels. Ford Motor Company reported an encouraging but mixed financial performance throughout these challenges. As one of the global leaders in car manufacturing, Ford Motor Company's revenue came to over 158 billion U.S. dollars in 2022, up from some 136 billion in 2021 and surpassing pre-pandemic revenue. However, the company also recorded the steepest net loss since 2008.
The bulk of Ford Motor Company's 2022 revenue was generated from the sales of its two main automobile brands, Lincoln and Ford. The manufacturer's subsidiaries also include Ford Motor Credit Company, which provides financing, leasing, and insurance to and through its dealers. Ford Credit helped facilitate the purchase of new and used vehicles by retail customers, rental companies, and government entities, along with making it possible for dealerships to improve their facilities.
Early in 2022, Ford Motor Company announced it would reduce the vehicle production of a few key products, including the F-150 pickup and Mustang Mach-E electric crossover. The F-Serie vehicles are among the leading cars and light trucks worldwide as of 2022, while the Mustang Mach-E was the third best-selling plug-in electric car in the United States in 2022. The United States is Ford's primary regional market, so the impact of production cuts on the company's vehicle inventory and annual output is expected to be observable. In June 2022, it would have taken Ford Motor Company's eponymous brand 41 days to run out of vehicle stock in the United States. International and national challenges also negatively impacted its performance on the Chinese market, including the lockdowns in China in 2022 due to the COVID-19 pandemic. In 2022, Ford's revenue from its operations in China dropped by 30.59 percent.
Ford sold most of its vehicles wholesale in the United States in 2022. The company's market share had dropped slowly until 2021 but grew to nearly 14 percent in 2022. The release of the Ford F-150 lighting, an all-electric version of Ford's best-selling model, contributed to this rise in popularity, as the model jumped to the eleventh spot in the EV best-sellers in the U.S. in 2022.
Ford expanded its engineering, research, and development expenditures in 2022 to 7.8 billion U.S. dollars to boost its performance. Most of this was expected to go toward a new fleet of electric vehicles, promoting the company's goal of having 50 percent of its global vehicle volume fully electric by 2030. Ford also invests in developing autonomous vehicles, particularly for its mobility segment.
In June 2020, it was announced that Ford would gain access to Volkswagen's modular electric drive (MEB) architecture to assemble electric vehicles (EVs). This partnership was expanded in March 2022 as Ford planned to produce another electric model based on Volkswagen's MEB platform for the European market. This move halted a planned partnership between Ford's Lincoln brand and EV startup Rivian to build EVs. In 2022, Ford sold around 91 million shares in Rivian. In parallel, Ford Motor Company announced deals with Chinese battery maker CATL and with the mining company Rio Tinto in a push to reach a production of two million EVs by 2026. In January 2023, Ford followed in Tesla's footsteps and cut down the price of its Mustang Mach-E.
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