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Ford
Ford Motor Co.'s electric vehicle business has lost USD 3 billion before taxes during the past two years and will lose a similar amount this year as the company invests heavily in the new technology. The figures were released on Thursday as Ford rolled out a new way of reporting financial results. The new business structure separates electric vehicles, the profitable internal combustion and commercial vehicle operations into three operating units. Company officials said the electric vehicle unit, called Ford Model e, will be profitable before taxes by late 2026 with an 8 per cent pretax profit margin. But they wouldn't say exactly when it's expected to start making money. Chief Financial Officer John Lawler said Model e should be viewed as a startup company within Ford. As everyone knows, EV startups lose money while they invest in capability, develop knowledge, build (sales) volume and gain (market) share, he said. Model e, he said, is working on second- and even third-generatio
Ford is recalling more than 1.5 million vehicles in the US in two actions to fix leaky brake hoses and windshield wiper arms that can break. The largest of two recalls covers nearly 1.3 million 2013 through 2018 Ford Fusion and Lincoln MKX midsize cars. The company says in documents posted on Friday by safety regulators that the front brake hoses can rupture and leak brake fluid. That would increase brake pedal travel and make stopping distances longer. Dealers will replace the hoses. Ford will mail owner notification letters starting April 17. They'll get a second letter once parts are available for the fix. Ford says it's aware of one crash with no mention of injuries due to the problem. The second recall covers more than 222,000 F-150 pickups from 2021. The windshield wiper arms can break. Dealers will replace the arms if needed. Owners will be notified starting March 27.
Ford Motor Co. announced Friday that it will cut around 1,100 jobs at its plant in the eastern Spanish city of Valencia. The cuts are in addition to the 2,300 layoffs largely in Germany and the U.K. that the automaker announced last month as part of a leaner, more competitive cost structure in Europe. Ford Spain said in a statement that it notified unions on Friday of what it said was a profound restructuring of its operations, which comes even as Ford champions the Valencia plant as its preferred site to assemble next-generation electric vehicles on the continent. The plant is Ford's only such facility in Spain and employed 5,400 people. Ford has said its strategy to offer an all-electric fleet in Europe by 2035 has not changed and that production of its first European-built electric car is due to start later this year. The cuts were mainly due to the already announced discontinuing production of the S-Max and Galaxy models in April 2023, Ford Spain said in an email. In January,
Ford said Tuesday that it will cut 3,800 jobs in Europe over the next three years in an effort to streamline its operations as it contends with economic headwinds and increasing competition on electric cars. The automaker said that 2,300 jobs will go in Germany, 1,300 in the UK and 200 elsewhere on the continent. It said that its strategy to offer an all-electric fleet in Europe by 2035 is unchanged and that production of its first European-built electric car is due to start later this year. The company said it is looking for a leaner, more competitive cost structure for Ford in Europe. It said that it will embark on consultations with the intent to achieve the reductions through voluntary separation programmes. Ford aims to cut 2,800 of the jobs in engineering by 2025, a result of the transition to electric cars that are less complex, though it plans to keep around 3,400 engineering jobs in Europe. The remaining 1,000 jobs will be cut on the administrative side. These are difficu
Ford is recalling more than 550,00 F-150 vehicles in the US and Canada because the front windshield wiper motor may stop functioning, causing the wipers to stop working. The automobile maker said that the inoperative windshield wipers on the 2021-2022 models can reduce visibility in certain conditions, which could increase the risk of a crash. Ford Motor Co. is recalling 453,650 of the vehicles in the US and 103,076 in Canada. Recall notification letters are expected to be mailed in the US on January 3. Dealers will replace the front windshield wiper motor for free.
Ford is restructuring its vehicle development and supply chain operations, shuffling multiple executives just days after announcing that it would build up to 45,000 vehicles with parts missing due to shortages. The Dearborn, Michigan, automaker gave some executives new roles and said that its chief financial officer will begin reworking supply chain operations until a new global purchasing chief is hired. The changes arrive at a time of profound change for Ford and the auto industry, which for more than a century have made a living by selling petroleum-powered vehicles. The company has plans for half of its global production to be electric vehicles by 2030, but like its main competitors, Ford will need to keep selling gas-burning vehicles to fund the massive transition. Earlier this year CEO Jim Farley split the company into two units, Ford Model e to develop electric vehicles, and Ford Blue to handle internal combustion cars, trucks and SUVs. Early Thursday, Ford announced that CF
Ford is recalling nearly 200,000 large SUVs in the US because the heating and cooling fan motors can fail and catch fire. The recall covers Ford Expeditions and Lincoln Navigators from the 2015 through 2017 model years. The Dearborn, Michigan, company says in government documents that it has reports of 25 fires caused by the motors, which are behind the glove box. Thirteen fires were limited to the blower motor area, while 12 involved extensive damage to the SUVs. Three fires damaged structures and one damaged another vehicle. One person reported injuries to their hand and fingers, and all fire reports indicated that the vehicles were running at the time of the incident, Ford said in documents posted on Thursday by the National Highway Traffic Safety Administration. Dealers will replace the front blower motor assembly at no cost to owners, who will be notified starting September 12.