Ford Motor Company made a record $7.4 billion in 2015, largely on the basis of profits in North America and despite a very big loss of $832 million in South America.
Chief Financial Officer Bob Shanks says the automaker also made a record pre-tax profit of $765 million in the Asia Pacific region – and the automaker returned to profitability in Europe for the first since 2011.
UAW hourly workers will share in the good news.
"The UAW-represented employees throughout the company will get an average $9,300 profit-sharing if they worked for the full year," says Shanks, "and that is a record."
Shanks says Ford is doing everything it can to mitigate losses in South America, where a crippling recession in Brazil and lopsided currency valuations are eating away at the bottom line.
Shanks says the company is staying very focused on vehicle pricing, and reducing costs wherever possible.
"We're doing everything to ride it out so when it turns around we're able to reap the rewards," he says.
2015 also saw the F-150 achieve its 34th year in a row as the best-selling vehicle in the U.S.
On Wednesday, Fiat Chrysler reported earnings of $410 million last year.
General Motors reports its earnings next week.
