DETROIT, Feb 2 Reuters Ford Motor Co on Thursday said quarterly profits fell and the automaker predicted a difficult year ahead, sending its shares down after the bell as investors were disappointed following this week39;s robust report from rival General Motors Co.

Ford blamed chip shortages and other supply chain issues and production instabilities that raised costs, along with lowerthanexpected volumes. Ford shares dropped more than 6 in aftermarket trading.

We should have done much better last year, Ford CEO Jim Farley said in a statement. We left about 2 billion in profits on the table that were within our control.

In an analyst call, Farley added We have deeply entrenched issues in our industrial system, saying this has been humbling for both me and my team.

Ford forecast flat to lower pretax profits for 2023, as well as greatly reduced free cash flow, and signaled an accelerated effort to slash costs.

GM shares jumped on Tuesday, and Ford39;s shares rose slightly after GM reported higher net income for the fourth quarter, forecast strongerthanexpected earnings for 2023 and said it would cut 2 billion in costs.

In a briefing late Thursday, Ford Chief Financial Officer John Lawler said 2023 is a pivotal year for us as we reshape the company. Some aspects of Ford39;s overhaul are lagging and need more work, he said.

In the simplest terms, we need to improve quality and lower costs now, Lawler reporters.

He also predicted a mild recession for the U.S….