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☆ To train car dealers on EVs and other topics, Ford turns to gamification and AI-powered education
▼ + stars: | 2024-05-01 | by ( Michael Wayland | ) www.cnbc.com time to read: +1 min

Ford says the main goals of the "Ford University" platform are to improve customer service, better engage employees — especially younger ones who are accustomed to binge-watching videos — and provide dealers and the company with more data to assist business. Vietor, who joined Ford in March 2023 after leading global games learning for Amazon Web Services, will oversee Ford University. She declined to disclose how much the company has spent on the new training. Dealership employees, who are independently employed by dealers, are crucial to the company's sales, performance and customer engagement and satisfaction. Automakers have long touted the idea that better dealer experiences lead to happier customers who are more likely to become repeat customers.

Persons: Abby Vietor, Vietor Organizations: Netflix, Ford, Amazon Web Services, Ford University Locations: Mich

☆ Ford is set to report earnings after the bell. Here's what Wall Street expects
▼ + stars: | 2024-04-24 | by ( Michael Wayland | ) www.cnbc.com time to read: +2 min

DETROIT — Ford Motor is announcing first-quarter earnings after the markets close Wednesday. The automaker's 2024 guidance released in February included adjusted earnings before interest and taxes, or EBIT, of between $10 billion and $12 billion; adjusted free cash flow of $6 billion to $7 billion; and capital spending of $8 billion to $9.5 billion. There is less consensus on Wall Street around Ford's performance than there was for its crosstown rival General Motors , which on Tuesday reported strong first-quarter results and raised its full-year guidance. Ford is Morgan Stanley's "top pick," but others on Wall Street are less bullish on the company. Ford has faced years of inflated warranty costs, including $1.9 billion in 2023, which have affected its earnings.

Persons: Ford's, Ford, Morgan Stanley's, Joseph Spak, Jim Farley's, — CNBC's Michael Bloom Organizations: New York, DETROIT, Motors, UBS

☆ Ford prepares to resume F-150 Lightning shipments, drops prices on some models
▼ + stars: | 2024-04-11 | by ( Michael Wayland | ) www.cnbc.com time to read: +1 min

The F-150 Lightning on display at the New York International Auto Show on March 28, 2024. DEARBORN, Mich. — Ford Motor is lowering the starting prices of some all-electric F-150 Lightning pickup trucks as it prepares to resume shipping the vehicles after quality issues. That was followed by $2,500 off Lariat models, now priced at $74,995, as well as a $2,000 reduction for XLT models, with a new price of $62,995. Prices on the $54,995 entry-level Pro model and an $84,995 top-end Platinum model were unchanged. Ford's cuts come three months after it adjusted Lightning prices, including increasing some model prices.

Persons: Kumar Galhotra Organizations: New York, Ford Locations: DEARBORN, Mich, Dearborn , Michigan

☆ Ford sees opportunity for Mustang as competitors abandon V8 engines
▼ + stars: | 2024-03-27 | by ( Michael Wayland | ) www.cnbc.com time to read: +1 min

DETROIT — Ford Motor sees opportunity to grow Mustang sales as it becomes the last American muscle car with a traditional V8 engine, playing to generations of gearheads who've been drawn to the performance vehicles. The optimism comes after Mustang's closest American competitors ended production of their muscle cars in December. Jeff Marentic, general manager of Ford Blue products, which includes the Mustang, said the pony car remains good business for the automaker both domestically and internationally. "For people who are looking for a true American sports car, it's available to them. … We're looking and talking about the future of Mustang, and how far we can grow it."

Persons: gearheads who've, Stellantis, Jeff Marentic, Marentic Organizations: DETROIT, Ford Motor, General Motors, Chevrolet, Dodge Challenger, Ford, CNBC Locations: American

☆ Ford tops fourth-quarter estimates, guides toward strong 2024
▼ + stars: | 2024-02-06 | by ( Michael Wayland | ) www.cnbc.com time to read: +3 min

DETROIT — Ford Motor beat Wall Street's top- and bottom-line expectations for the fourth quarter while forecasting better-than-expected results for 2024. The company's full-year forecast calls for adjusted earnings before interest and taxes, or EBIT, of between $10 billion and $12 billion, adjusted free cash flow of $6 billion to $7 billion and capital spending of $8 billion to $9.5 billion. Analysts had expected Ford's adjusted earnings guidance to be roughly $9 billion to $11 billion, according to investor notes from several analysts. The automaker also announced a special dividend of 18 cents per share in addition to a first-quarter regular dividend of 15 cents per share. Adjusted earnings of Ford's traditional business, known as Ford Blue, were down about 48% during the fourth quarter compared to a year earlier to $813 million.

Persons: Jim Farley, Ford, Farley Organizations: Ford Motor Company, Technology, Ford, LSEG, Ford Motor Co, Ford Pro Locations: China, Marshall , Michigan, Romulus , Michigan, DETROIT

☆ Ford is reassessing its EV plans, including vertical battery integration
▼ + stars: | 2024-02-06 | by ( Michael Wayland | ) www.cnbc.com time to read: +2 min

DETROIT — Ford Motor is rethinking its electric vehicle strategies, including "reassessing" the need for vertical integration of batteries, CEO Jim Farley said Tuesday. He also said the company is pulling a target for its EV unit that called for 8% margin by 2026. As Ford pulls back and reevaluates the EV business, it intends to lean in on sales of hybrid vehicles, specifically trucks. The company expects its hybrid sales to increase 40% this year. It sold 133,743 hybrid vehicles in the U.S. in 2023.

Persons: Jim Farley, Farley, John Lawler, Lawler, Ford Organizations: New York, Auto, DETROIT, Detroit, Ford, EV, CNBC PRO Locations: New York, U.S

The Dearborn, Michigan, automaker posted a $523 million net loss from October through December versus a $1.26 billion profit for the same period a year ago. Ford reported a $1.7 billion noncash accounting loss during the quarter on remeasurement of pension and other post-retirement employee benefits. UAW workers shut down the company’s largest and most profitable factory in Louisville, Kentucky, which makes big SUVs and heavy-duty pickup trucks. The UAW strike began Sept. 15, targeting assembly plants and other facilities at Ford, General Motors and Jeep maker Stellantis. At the end of the contract, top-scale assembly workers will make about $42 per hour, plus they’ll get annual profit-sharing checks.

Persons: —, Ford Organizations: DETROIT, — Ford Motor Co, United Auto Workers, Wall, FactSet, Revenue, UAW, Ford, General Motors Locations: Dearborn , Michigan, Louisville , Kentucky

DETROIT (AP) — Ford Motor Co. is resuming construction on a Michigan electric vehicle battery plant that the company postponed two months ago during a strike by the United Auto Workers union. But the automaker says that due to slowing electric vehicle sales growth, it will scale back the factory size, cutting the number of planned jobs by about one third from 2,500 to 1,700. Ford put the plant, originally to cost $3.5b, on hold in late September as the union went on strike at targeted assembly plants run by Ford, General Motors and Jeep maker Stellantis. Unlike the company's other battery plants that are joint ventures, the Marshall factory will be a fully owned Ford subsidiary staffed by Ford workers. But China’s Contemporary Amperex Technology Co. Ltd., or CATL, which is known for its lithium-iron-phosphate expertise, would supply technology, some equipment and workers.

Persons: —, Ford, Mark Truby, ”, Marshall Organizations: DETROIT, — Ford Motor Co, United Auto Workers, Ford, General Motors, EV, Amperex Technology, . Ltd Locations: Michigan, Marshall, Detroit

☆ Ford is set to report earnings on the heels of its tentative deal with the UAW
▼ + stars: | 2023-10-26 | by ( Michael Wayland | ) www.cnbc.com time to read: +1 min

DETROIT — Ford Motor is set to report its third-quarter earnings after the bell Thursday. Here's what Wall Street is expecting, according to average estimates compiled by LSEG, formerly known as Refinitiv. Aside from earnings, Wall Street will be watching the impact of the United Auto Workers union's nearly six-week strike against the automaker, which ended Wednesday night for Ford after the sides reached a tentative agreement. Barclays analyst Dan Levy estimates the total strike impact to Ford was $600 million to $700 million. That would be less than the $800 million impact, including $200 million in the third quarter, GM reported Tuesday.

Persons: Dan Levy, Ford, Levy Organizations: DETROIT, LSEG, United Auto Workers, Ford, Barclays, GM

DETROIT (AP) — Ford Motor Co. Executive Chairman Bill Ford called on autoworkers to come together to end a monthlong strike that he says could cost the company the ability to invest in the future. Many jobs will be lost,” said the great grandson of company founder Henry Ford. Ford has 57,000 UAW workers compared with 46,000 at GM and 43,000 at Stellantis. Ford said the strike at the Kentucky plant is harming tens of thousands of Americans who work for parts suppliers and Ford dealers. Fain said on Wednesday that Ford told UAW bargainers for nearly two weeks that it would make another counteroffer on economic issues.

Persons: —, Bill Ford, Ford, ”, Henry Ford, ” Ford, “, Shawn Fain, Fain, Kumar Galhotra, “ Ford hasn’t, “ We’ve, they’re, ” Galhotra Organizations: DETROIT, — Ford Motor Co, America, United Auto Workers, Ford, GM, United Auto Workers union, Detroit, Kentucky, Plant, UAW, General Motors, Lincoln, UAW bargainers Locations: Dearborn , Michigan, America, Stellantis, Mexico, U.S, Louisville, Kentucky

☆ CarMax CEO says it's 'a little early' to see how the UAW strikes will impact business
▼ + stars: | 2023-10-10 | by ( Julie Coleman | ) www.cnbc.com time to read: +1 min

CEO of used-car retailer CarMax , Bill Nash, told CNBC's Jim Cramer it's "a little early" to tell what effect the United Autoworkers Union strike will have on his company's business. "I think as far as the UAW strike [is concerned], it's a little early to tell the impact it's going to have on the business — you know, it really depends on how long it goes, and if there's going to be an expansion," Nash said. The UAW began its strike on three Detroit automakers — Ford Motor , Stellantis and General Motors — last month. CarMax will continue to monitor the strike, Nash said, but added so far it hasn't played into the overall industry. Nash also discussed how inflation and high interest rates are affecting customers looking to buy both newer and older models.

Persons: Bill Nash, CNBC's Jim Cramer it's, Nash, Motors —, CarMax, hasn't Organizations: United Autoworkers Union, UAW, Detroit, Ford

DETROIT (AP) — Ford Motor Co. said Monday that it's pausing construction of a $3.5 billion electric vehicle battery plant in Michigan until it is confident it can run the factory competitively. The move comes as the company is in the midst of national contract talks with the United Auto Workers union, which wants to represent workers at battery factories and win them top wages. In February, Ford announced plans to build the plant in Marshall, Michigan, employing about 2,500 workers to make lower-cost batteries for a variety of new and existing vehicles. But Ford spokesman TR Reid confirmed Monday that plant construction has been paused and spending has been limited on it. Earlier this year Virginia dropped out of the race for the same Ford plant after Republican Gov.

Persons: —, Ford, Marshall, TR Reid, ”, Shawn Fain, Sarah Lightner, Ford “, “, ” Lightner, Sam Abuelsamid, Abuelsamid, Biden, Glenn Youngkin, Joey Cappelletti, David Koenig Organizations: DETROIT, — Ford Motor, United Auto Workers union, UAW, Ford, Detroit, General Motors, EV, Amperex Technology, . Ltd, Republican State Rep, Guidehouse, Republican Gov, Chinese Communist Party, ____ Associated Press Locations: Michigan, Marshall , Michigan, Detroit, Marshall, China, U.S, Virginia, Lansing , Michigan, Dallas

☆ Ford barrels toward new Canadian strike that could affect F-Series pickup production
▼ + stars: | 2023-09-19 | by ( Michael Wayland | ) www.cnbc.com time to read: +4 min

A Unifor strike would disrupt Ford's Oakville Assembly Plant that produces the Ford Edge and Lincoln Nautilus crossovers. F-Series, Mustang could be disruptedIf a prolonged Canadian strike occurs, the work stoppage could eventually impact U.S. production of the vehicles. Gasoline V8 models make up about 50% of Mustang and 20% of F-150 models sold in the U.S. Large F-Series trucks exclusively have V8 engines. But a majority of those vehicles sold have diesel V8 engines rather than gasoline, according to the company. The Canadian union picked Ford as its "target" company instead of following the UAW's new strategy of bargaining with all three automakers.

Persons: Ford, Carlos Osorio, Wheaton, Lana Payne, Jerry Dias, Cole Burston Organizations: Ford DETROIT, Ford, United Auto Workers, General Motors, Chrysler, Plant, Ford Edge, Lincoln Nautilus, Reuters, Detroit, UAW, Worker Institute, Cornell University, Unifor, Detroit automakers, U.S, Canadian Locations: Oakville, Oakville , Ontario, Canada, U.S, Mexico, Toronto , Ontario

☆ Ford to double F-150 hybrid pickup production as EV sales growth slows
▼ + stars: | 2023-09-12 | by ( Michael Wayland | ) www.cnbc.com time to read: +4 min

In this article F Follow your favorite stocks CREATE FREE ACCOUNT2024 Ford F-150 PowerBoost Platinum hybrid FordDETROIT — Ford Motor plans to double production of a hybrid version of its F-150 pickup truck as the company grapples with slower-than-expected sales of its all-electric vehicles. Ford expects to increase sales of the V-6 hybrid model during the 2024 model year to roughly 20% in the U.S. The automaker declined to release specific production figures, but it likely equates to tens of thousands more of the hybrid vehicles. 2024 Ford F-150 Powerboost Platinum hybrid Ford"We are balancing growth, profitability and returns," Farley said during an earnings call. "I certainly think that hybrid, our PowerBoost hybrid, help folks transition into full electric," Emmert told CNBC.

Persons: Ford, Jim Farley, Farley, Kumar Galhotra, Ford Ford, John Emmert, Emmert Organizations: DETROIT, Ford Motor, Ford, U.S, United Auto Workers, General Motors, UAW, Detroit, Toyota Motor, CNBC Locations: North America

☆ Ford raises full-year guidance after solid earnings beat
▼ + stars: | 2023-07-27 | by ( Michael Wayland | ) www.cnbc.com time to read: +2 min

Ford increased its full-year adjusted earnings forecast to a range of between $11 billion and $12 billion, up from a prior forecast $9 billion and $11 billion. It also upped its expected adjusted free cash flow to a range of $6.5 billion to $7 billion from earlier guidance of $6 billion. However, he said, electric vehicle adoption is taking place more slowly than the company expected, in part because of higher costs. Ford's traditional business operations, known as Ford Blue, earned $2.31 billion during the quarter, while it's Ford Pro commercial business earned $2.39 billion. Ford said its adjusted earnings before interest and tax, or adjusted EBIT, jumped to $3.79 billion, up from $3.72 billion a year ago.

Persons: EVs, Motors, John Lawler, it's, Ford, CNBC's Michael Bloom Organizations: DETROIT, Ford, it's Ford Pro, Refinitiv

☆ Ford conducts engineering layoffs in U.S. and Canada
▼ + stars: | 2023-06-26 | by ( Michael Wayland | ) www.cnbc.com time to read: +3 min

DETROIT — Ford Motor confirmed Monday it will carry out layoffs this week, primarily affecting engineering jobs in the U.S. and Canada, as the automaker seeks billions in cost-cutting measures as it restructures its business operations. Ford has been restructuring its operations for several years under its Ford+ plan, led by CEO Jim Farley. The automaker cut 3,000 workers in North America in August and has more recently conducted 3,800 layoffs in Europe. The company has instructed units affected by the cuts to work remotely this week as the layoffs are conducted, the people confirmed. Ford is not the only automaker to reduce its headcount, as it realigns its business to focus more on electric vehicles.

Persons: Jim Farley, Ford, Farley, headcount, General Motors, Stellantis Organizations: DETROIT, Ford Motor, Ford Pro, General Locations: Detroit, U.S, Canada, North America, Europe

☆ Ford CEO Jim Farley says Chinese automakers such as BYD are its greatest EV rivals
▼ + stars: | 2023-05-25 | by ( Michael Wayland | ) www.cnbc.com time to read: +2 min

Michael Wayland/CNBCDETROIT — Ford Motor's largest competition in electric vehicles isn't U.S. leader Tesla or crosstown rival General Motors — it's Chinese automakers, CEO Jim Farley said Thursday. Farley said Chinese companies such as Warren Buffett-backed BYD are ahead of the large U.S. automakers and startups on electric vehicles, specifically battery chemistry and other emerging technologies. And they were always committed to electric," Farley said when asked which company is doing EVs right. Farley's comments echo those of industry experts and investors regarding the growth of BYD and other Chinese automakers, which have government backing in China. Farley also noted BYD's battery advantages compared to the current U.S. industry standard of lithium-ion batteries.

☆ Monday is Ford's chance to convince Wall Street skeptics of its EV plans
▼ + stars: | 2023-05-21 | by ( Michael Wayland | ) www.cnbc.com time to read: +1 min

DETROIT — Ford Motor on Monday will attempt to turn skeptics of its electric vehicle growth plans, which some Wall Street analysts have called "ambitious" and "crazy high," into believers. The automaker's CEO described the capital markets day as an opportunity to demonstrate how the strategy is "coming to life." The company is expected to run through its profit walks for its traditional "Ford Blue" and "Ford Pro" commercial businesses in addition to its "Model e" electric vehicle unit. Ford also is expected to preview its second-generation battery products and technology, which the company has said will be crucial to achieving that 8% EBIT margin. The EV business is expected to lose about $3 billion this year.

☆ Ford reveals redesigned Ranger pickup with new Raptor performance model
▼ + stars: | 2023-05-10 | by ( Michael Wayland | ) www.cnbc.com time to read: +5 min

In this article F Follow your favorite stocks CREATE FREE ACCOUNT2024 Ford Ranger Raptor FordDETROIT — Ford Motor on Wednesday revealed its redesigned Ranger midsize pickup truck for the U.S., including a new Raptor performance model. 2024 Ford Ranger Raptor FordFord declined to release the current average transaction price of the Ranger. The Ranger Raptor, which is powered by a 3.0-liter EcoBoost V6 engine, adds to Ford's Raptor lineup that currently includes the F-150 full-size pickup and Bronco SUV. 2024 Ford Ranger Raptor Ford"The mission has always been to climb the mountain to No. 2024 Ford Ranger XLT Sport FordThe Ranger fits in between Ford's compact Maverick pickup and the automaker's full-size F-150 and larger F-Series trucks.

☆ Ford posts stellar first quarter, boosted by fleet and legacy truck divisions
▼ + stars: | 2023-05-02 | by ( Michael Wayland | ) www.cnbc.com time to read: +5 min

DETROIT — Ford Motor on Tuesday reported first-quarter results that significantly topped Wall Street's estimates, as the automaker's fleet and legacy operations outweighed growing losses in electric vehicles. Ford finance chief John Lawler said the quarter was a "peek at what's possible to generate value and growth." The company reiterated it expects full-year adjusted earnings between $9 billion and $11 billion and roughly $6 billion in adjusted free cash flow. Ford said it plans to have capital expenditures of between $8 billion and $9 billion in 2023. Ford also reconfirmed it expects to lose about $3 billion from its electric vehicle operations, known as Model e, in 2023.

☆ Ford reveals new Explorer EV for the European market
▼ + stars: | 2023-03-21 | by ( Michael Wayland | ) www.cnbc.com time to read: 1 min

DETROIT — Ford Motor on Tuesday unveiled its first all-new electric vehicle exclusively for the European market and said it plans to leverage the well-known Explorer nameplate to gain traction. The EV crossover is part of Ford's plans to transition its European lineup to be entirely electric by 2030. The naming is part of the company's strategy to leverage its "most iconic" brands for EVs, including the Mustang Mach-E crossover and F-150 Lightning. Ford said it has no plans to offer the midsize electric crossover in the U.S. It is one of two vehicles expected for Europe that leverages the Volkswagen Group's all-electric "MEB" platform at Ford's factory in Cologne, Germany.

☆ Ford Motor Turns to Industry Outsider to Reverse China Slump
▼ + stars: | 2023-02-24 | by ( Selina Cheng | ) www.wsj.com time to read: 1 min

People looked at a Ford Mustang Mach-E at an auto show in Shanghai in 2021. HONG KONG— Ford Motor Co. promoted Sam Wu to head its China business as the American auto maker struggles to reverse its dwindling market share in the world’s biggest car market. Mr. Wu, who joined Ford China as managing director from Whirlpool Corp. in October, takes over as president and chief executive on March 1, the Michigan-based auto maker said in a statement Thursday. In his new role, Mr. Wu will report to Ford CEO Jim Farley and replaces Anning Chen, who is due to retire in October.

☆ Ford suspends electric F-150 Lightning production for another week following battery fire
▼ + stars: | 2023-02-24 | by ( Michael Wayland | ) www.cnbc.com time to read: +2 min

DETROIT — Ford Motor is suspending production of its electric F-150 Lightning pickup for another week following a battery issue that resulted in one of the vehicles catching fire early this month. "The teams worked quickly to identify the root cause of the issue," Ford said in a statement Friday. Ford last week said it expected Lightning production to be down through at least this week, as engineers determined the root cause of the battery issue and implemented improvements to the manufacturing process. The F-150 Lightning is being closely watched by investors, as it's the first mainstream electric pickup truck on the market and a major launch for Ford. The battery issue adds to ongoing "execution issues" detailed to investors earlier this month by Ford CEO Jim Farley that crippled the automaker's fourth-quarter earnings.

☆ Ford to Cut 3,800 Jobs in Europe in EV Shift
▼ + stars: | 2023-02-14 | by ( William Boston | ) www.wsj.com time to read: 1 min

Ford is resizing its European workforce in the midst of a global push to invest in EVs. BERLIN— Ford Motor Co. is planning to slash 3,800 jobs in Europe over the next three years to lower costs and boost profit as it continues to shift toward electric vehicles, the auto maker said Tuesday. The bulk of the job cuts would primarily hit Ford’s European product-development staff, reducing the number of Europe-based engineers as the company relies more heavily on U.S. development and electric-vehicle technology it has licensed from Volkswagen AG.

☆ Ford cuts prices on electric Mustang Mach-E, following Tesla’s lead
▼ + stars: | 2023-01-30 | by ( Michael Wayland | ) www.nbcnews.com time to read: +3 min

DETROIT — Ford Motor is increasing production and cutting prices of its electric Mustang Mach-E crossover, weeks after industry leader Tesla announced similar plans for its EVs. The reductions range from $600 to $5,900, compared with Tesla’s price cuts of up to $13,000 on its Model Y earlier in January. Analysts expected Tesla’s cuts to put pressure on other automakers to cut their own prices. “We are responding to changes in the marketplace,” Gjaja said during a media briefing, referencing new federal EV incentives and Tesla’s price cuts. Ford said existing Mustang Mach-E customers awaiting delivery of their vehicle will automatically receive the adjusted price.

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