Ford Q4 net income surges to $12.3 billion on Rivian investment gain

DETROIT — Ford Motor Co. on Thursday said fourth-quarter net income jumped to $12.3 billion from a $2.8 billion loss a year earlier, despite continued production and inventory struggles stemming from the ongoing semiconductor shortage.

The profit includes an $8.2 billion gain from Ford’s investment in Rivian, the EV maker that went public in November, though Ford was in the black for the quarter even without that and other one-time items.

The automaker reported adjusted earnings of $2 billion before interest and taxes, a 19 percent increase from the same period a year earlier.

Revenue in the quarter rose 5 percent to $37.7 billion.

For the full year, the automaker reported net income of $17.9 billion, up from the $1.3 billion loss it incurred in 2020, the first year of the coronavirus pandemic. It posted adjusted EBIT for 2021 of $10 billion, roughly four times its 2020 earnings on that basis and in line with its estimates after it reclassified its Rivian investment gain.

Ford on Thursday projected that its adjusted EBIT would rise between 15 and 25 percent in 2022, to a range of $11.5 billion to $12.5 billion.