General Motors Co and Ford Motor Co are expected to report next week they turned solid profits for the last quarter of 2021, but rarely has past performance mattered less to investors.
GM last year sold fewer vehicles in the United States than Toyota Motor CorpGM and Ford's profits in 2021 were lifted by consumers willing to pay record-high prices for petroleum-powered pickup trucks and SUVs. In 2022, analysts are concerned the Detroit manufacturers will face a more uncertain economic environment, including rising interest rates, high oil prices and continuing supply-chain bottlenecks that could curtail production.
Analysts expect both companies to be cautious in their outlooks for 2022. Shortages of semiconductors are expected to weigh on production into the second half of the year, Bank of America wrote in a note. "While automakers will enjoy production recovery and inventory restocking, could be coupled with price declines, mix deterioration, rising input costs," Morgan Stanley said.
Ford told investors in its third-quarter report that it expected $1.5 billion in higher commodity costs, and saw inflationary pressures across a broad range of expenses. Wall Street has shown more confidence over the last several months in efforts by Ford's CEO, Jim Farley, to accelerate the company's electric pickup truck and van programs.
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