Meanwhile, gasoline vehicles continue to drive Ford’s profits, and the company doesn’t see that changing anytime soon.

The combustion business, Ford Blue, made $6.8 billion in 2022 while posting a 7.2 percent profit margin on external revenue of $94.7 billion. The commercial unit, Ford Pro, made $3.2 billion last year with a margin of 6.6 percent on external revenue of $48.9 billion.

Overall, Ford posted 2022 adjusted EBIT of $10.4 billion and a $2 billion net loss.

“Ford Blue and Ford Pro are both solidly profitable today and well positioned for growth,” Lawler said.

Lawler said Ford Pro is expected to nearly double its earnings this year as redesigned Super Duty pickups arrive and it introduces a 1-ton Transit van in Europe. The Ford Blue side this year will roll out the next-generation Mustang and freshened Escape crossover, in addition to the Super Duty overhaul.

“Ford Blue, when you look at that, we still believe that’s a growth business,” Lawler said.

“We’ve pared out the unprofitable vehicles and now have our core, iconic vehicles. We see growth there in derivative strategies — Raptors, Tremors, etc. — and there’s more to come in that space.”