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Ford’s global business was whacked by the pandemic, which forced plant closures, caused supply-chain backlogs, and reduced demand for new passenger vehicles. As a result, full-year revenues were down 19%, from $156 billion to $127 billion, and net income was negative $1.3 billion. North America and its credit division were Ford’s only profitable units; still, the company would have eked out a small profit overall were it not for a $1.5 billion pension charge. New CEO Jim Farley, who took the wheel at Dearborn in October 2020, will be banking big on the electric F-150 truck, announced in May 2021, to kick-start Ford’s EV program in earnest.
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