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Ford doubled its EV sales last year, but that wasn’t enough to prevent the automaker from posting a $2 billion loss for 2022, the company’s figures reveal.

“We should have done much better last year,” said Ford CEO, Jim Farley. “We left about $2 billion in profits on the table that were within our control, and we’re going to correct that with improved execution and performance.”

At the end of the third quarter of 2022, Ford was predicting a full-year adjusted profit of $11.5 billion, but a painful fourth quarter resulted in that falling to $10.4 billion when all the math was completed.

Farley put a brave face on the financial results, claiming that the next 12 months would be more positive. “I’m excited about 2023, which is pivotal for us,” said the CEO. “We’ve got clarity and ambition with the Ford+ plan, a strong team carrying it out, and a lineup of great products and customer experiences that’s getting even better.”

Related: Ford Splits Up ICE And EV Divisions Into ‘Ford Blue’ And ‘Ford Model e’

Ford Posts $2 Billion Loss, Looks To Cut Costs In ‘Pivotal’ 2023

Ford has already embarked on a program of job cuts, both in the U.S. and in Germany, where it recently announced the closure of its Saarlouis plant. And chief financial officer John Lawler said the firm will speed up its efforts to reduce costs, and will now seek to save more than the $3 billion it previously planned to target.

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The company has also restructured to divide its operations into three separate divisions. Ford Pro will handle commercial vehicles, Ford Model E will take care of the electric business and Ford Blue will develop combustion-powered cars, which the company still believes will play a crucial role in its fortunes over the next decade even as some rivals abandon the sector to go electric.

But Ford also plans to ramp up production of its electric offerings. It is currently the number two EV company in the U.S. after Tesla and last month announced some major price cuts to its Mustang Mach-E crossover to drive sales and further cement its position.