Virtually no sector of the economy escaped from the pandemic unscathed.

Earlier this year, the global economy began to see the light at the end of the tunnel as lockdowns were lifted, death tolls declined, production resumed, and we began to adjust to life in a "new normal".

However, no industry was, arguably, more affected than automotive. With factories, shipping routes, and stores closed, supply chains were forced into a standstill. Semiconductors are a crucial element in the manufacturing of everything from technologies such as smartphones and computers to cars. With work-from-home, we saw a surge in demand for technology tools, which, coupled with declining supply of chips, lead to an unparalleled shortage.

As people are returning to work and consumption is steadily increasing, we are continuing to see heightened demand for automobiles.

One such automaker, Ford Motors (F  ), one of the top OEM's in the U.S., reported a 10% decline in its October 2022 sales due to continued supply chain issues. This is far from the overall industry average of 9.1% year-over-year increase in auto sales. Ford's supply chain issues are particularly unique because it has experienced shortages with the oval badges and model nameplates. This has translated into a backlog of 40,000 to 45,000 vehicles that could not be shipped to dealers, and ultimately sold.

Ford relies on a Michigan-based supplier called Tribal Technologies for the badges. However, its operations were limited in August after the company disclosed to Michigan regulars that it had discharged industrial technologies into a local sewer system.

In response to these shortages, Ford plans to restructure its global supply chains and strengthen product creation, as cited in a recent press release. Ford's CFO, John Lawler will oversee these transformations on an interim basis until the Company fills its newly created Chief Supply Chain Officer position.

The Company noted, "Ford is transforming its global supply chain management capability to support efficient and reliable sourcing of components, internal development of key technologies and capabilities, and world-class cost and quality execution".

In order to cut costs and preserve cash the Company laid off nearly 2,000 employees in August and an additional 1,000 agency personnel.

For the year-to-date, the Company is at a 2.2% decrease in sales when compared to a year ago. For the month of October, the Company reported 158,327 of new vehicle sales, which was significantly lower compared to the nearly 176,000 units sold a year ago. This marks the second consecutive month during which the Company reported a decline in sales. Its stock is down ~35% this year as a result.

The automaker recorded a net loss of $827 million during the third quarter due to supply chain issues, rising commodity prices, and costs related to the shutdown of its autonomous vehicle unit Argo AI. The Company updated its guidance for the full-year adjusted free cash flow to $9.5 billion to $10 billion - up from $5.5 billion to $6.5 billion as it anticipates to begin seeing the results of its restructuring efforts.