“Ford Credit EBT at about $2.7 billion”

In context

“rofitably, and that’s going to provide accretive annuity-like revenue streams. During the third quarter, we made the strategic decision to shift our capital spending from the L4 technology being developed by Argo to internally develop L2+/L3 technology. And as a result, in the third quarter, we recorded a $2.7 billion noncash pretax impairment as a special item. Now, let me share with you our current outlook. For the year, we expect to earn about $11.5 billion in adjusted EBIT, up about 15% from 2021 with about a 10% increase in wholesales. We’re now projecting to generate adjusted free cash flow of $9.5 billion to $10 billion. Our year-over-year basis for our ‘22 adjusted EBIT target assumes significantly higher earnings in North America; aggregate profitability in the rest of the world; Ford Credit EBT at about $2.7 billion, with strong, though lower, auction values in the fourth quarter as the supply of new vehicles improves and higher borrowing costs; continued strong pent-up demand in orders for Ford’s newest products; continued strength in pricing; higher commodity and broad-based inflationary costs of about $9 billion; no further deterioration in supply chain; and continuation of a strong dollar. So finally, before getting to your questions, let me provide a quick update on our new financial reporting. Last quarter, we mentioned our plan to host a teach-in event early next year to help you prepare for this change to a radically new strategic organization ahead of our first quarter 2023 reporting. So, we’ve now fixed the date for March. At the teach-in, we will share both, 2021 and 2022 revised results t”