Ford to cut over 5,000 jobs in Germany, others in UK
U.S. automaker Ford plans to slash over 5,000 jobs in Germany and will decrease its workforce in Britain as well as it seeks to return to profit in Europe, the company stated on Friday. Ford has provided voluntary redundancy programs for workers in Germany and Britain, it stated in a statement. This is part of
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Ford CEO Jim Hackett earned $17.1 million in 2018
Ford Motor CEO Jim Hackett earned salary, bonus and stock awards of $17.1 million in last year, up from $16.3 million the previous year, while adjusted pretax profit for the car manufacturer dropped $2.6 billion from 2017, the company stated on Friday. Including pensions and perks, Hackett made $17.7 million. The company stated Hackett, who
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Ford CEO tells employees that 2019 will be turning point
Ford Motor CEO Jim Hackett informed workers that 2019 will be the year the 115-year-old automaker turns “the corner toward a really bright future,” in an internal memo observed by The Detroit News. Hackett is carrying out global restructuring that would have Ford spend $11 billion to manage the struggling business units in Europe, South
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UAW increases strike pay ahead of bargaining
The United Auto Workers is boosting strike pay to $250 weekly from $200 ahead of the union’s collective-bargaining effort with the Detroit automakers later this year. The $50 rise, declared by UAW President Gary Jones Monday at the union’s bargaining convention at Cobo Center, is effective from March this year. Beginning in January, strike pay
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Ford F-600 Super Duty comes back with ‘Godzilla’ V8
Ford is returning the F-600 name on a chassis cab truck that combines the size of its Super Duty offerings with the power of a Medium Duty model. The 2020 F-600 was introduced at the Work Truck Show in Indianapolis features the same cab as an F-550, but provides Class 6 capabilities in a smaller
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Ford to modify Russia business plans by year-end
Russia’s industry ministry expects Ford Motor to make decisions this year coming from a evaluation of its business in Russia, the ministry informed Reuters on Wednesday. Earlier it was reported Ford is thinking about closing two plants in Russia as part of its worldwide plan to restructure operations in unprofitable locations. The ministry stated in
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Ford thinks about closing two Russian plants
Ford Motor is thinking about closing two plants in Russia as part of its worldwide plan to restructure operations in unprofitable locations, three industry sources informed Reuters. If the closures go ahead, Ford would likely produce only light commercial vehicles in Russia, two sources stated. After running up fourth-quarter losses in all locations outside North
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Ford’s China JV ends some contracts with job agencies as sales declines
Ford Motor’s joint venture with China Changan Automobile Group has taken decision not to renew its contract with some agencies providing it with workers, as automakers are having hard time to cope with declining sales in China. The New York Times reported previously that the Ford-Changan joint venture has “quietly begun” removing thousands of its
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Volkswagen praises Ford’s autonomous technology
Volkswagen on Wednesday praised its cooperation with Ford Motor and took efforts to highlight its competitor’s autonomous vehicles technology, as both automakers look for deepening their partnership to include self-driving vehicles. Volkswagen and Ford have agreed to develop a range of commercial vehicles and explored contributing on electric cars. Volkswagen has however so far resisted
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Brazil’s CAOA in talks to purchase Ford factory
Brazilian automaker CAOA, that produces vehicles with Korea’s Hyundai Motor and China’s Chery Automobile, is in discussion to purchase a Ford Motor plant in the country that is set to close by 2019, according to a source with direct understanding of the matter. Ford declared previously this month that it would close its São Bernardo
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Ford probing possible problems with fuel economy, emissions tests
Ford Motor stated on Thursday it has employed outside experts to probe its vehicle fuel economy and testing procedures after employees raised issues, and did not know if it would have to correct data given to regulators or consumers. The issues concerning Ford’s testing processes do not concern the use of so-called defeat devices –
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Ford’s Brazil departure highlights automakers’ woes with excess capacity
Ford Motor oldest factory in Brazil, set for closure later this year, was a giant among auto plants. It sprawled 12 million square feet (111.5 hectares), bigger than many of the company’s U.S. facilities. But in terms of spare capacity, the most important sign of factory profitability, the historic Sao Bernardo do Campo plant, which
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Ford to exit South America truck business by closing oldest plant in Brazil
Ford Motor stated on Tuesday it will shut down its oldest factory in Brazil and exit its heavy commercial truck business in South America. This move is going to cost over 2,700 jobs as part of a restructuring supposed to end losses across the world. Ford previously stated the global reorganization, to affect thousands of
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Alabama jury awards $152 million in Ford Explorer rollover case
An Alabama jury awarded $151.8 million to a young man paralyzed in 2015 rollover accident associating a Ford Explorer sport utility vehicle, Ford and lawyers in the case stated on Sunday. The jury awarded $100 million in punitive damages and the remaining in compensatory damages after discovering on Friday that the 1998 Ford Explorer did
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Ford CFO Bob Shanks plans to retire
Ford CFO to retire by the end of the year Ford Motor CFO Bob Shanks prepares to retire and is expected to stay through the end of the year, CNBC reported on Thursday, mentioning sources. A new finance chief would be possibly announced in the second half of 2019, CNBC stated. Shanks became the chief
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