Ford’s Q4 profit drops 90%

Ford’s fourth-quarter net income fell to $1.3 billion—90% from a year earlier as the automaker faces continued supply chain struggles and higher costs.

CEO Jim Farley blames the loss on poor management. He said he would correct mistakes and improve execution this year.

The automaker’s shares tumbled after the bell as investors were disappointed, especially as General Motors posted a robust report this week.