The stock fell as much as 7.9% to $18.32 in extended trading. It’s down 4.2% this year through Thursday’s close.

For 2022, Ford forecasts earnings of $11.5 billion to $12.5 billion before interest and taxes, up 15% to 25% over 2021. That compares with analysts’ estimates of $12.2 billion. Adjusted earnings before interest and taxes of $2 billion were less than the $2.77 billion analysts expected.

Sales rose 5% to $37.7 billion in the fourth quarter, with automotive revenue accounting for $35.3 billion of that total and surpassing the $34.6 billion analysts expected.

Some analysts had expected double-digit sales growth, Lawler said. The company is projecting $1.5 billion to $2 billion in higher commodity costs this year.

Investors have cheered Chief Executive Officer Jim Farley’s effort to accelerate Ford’s switch to electric vehicles, sending the shares up 136% last year and making the company the top automotive gainer. Ford’s market briefly topped $100 billion.

In recent weeks, that valuation has fallen back to around $80 billion.

“Financial performance is obviously critical,” Farley said in a statement.  “We’re also proud that customers see how Ford is taking EVs mainstream.”

Bloomberg News reported on Feb. 1 that Ford is considering adding up to $20 billion to its EV spending over the next decade to convert factories to battery powered models. Farley has already tripled output of its electric Mustang Mach-E in Mexico and doubled production of the F-150 Lightning going on sale this spring.

Dearborn, Michigan-based Ford has seen car buyers pay up for its models as the pandemic and a shortage of semiconductors slashed inventory on dealer lots, causing discounts to dry up. Average sale prices for Ford models in the U.S. reached almost $51,000 in the fourth quarter, up from $46,211 a year earlier, according to automotive researcher Edmunds.com.

Crosstown rival GM earlier this week reported fourth-quarter earnings that beat analysts’ estimates but its forecast for the year was little changed from 2021.

Read more: GM sees high costs, budget cars capping profit

In its home market of North America, Ford grew its adjusted profit before interest and taxes by 70% in the fourth quarter to $1.82 billion, mainly due to strong demand for vehicles like its Bronco SUV and Maverick pickup. But that undershot the $2.34 billion profit projected by analysts.

Ford’s loss in China, the world’s largest car market, more than doubled in the quarter to $150 million from $66 million the previous year.