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Tag Archives: Jim Farley
John Dion to be Chief Transformation Officer at Struggling Ford
Ford Motor reported a disappointing 2022 full-year net loss of $2.0 billion. During Q4 of 2022 Ford posted an adjusted EBIT $10.4 billion, and operating cash flow $1.2 billion for the quarter, $6.9 billion for the year. This was in stark contrast to GM, which reported a record $14.5 billion in earnings for 2022. (autoinformed.com: GM Posts Record $14.5 Billion in Earnings During 2022) “We should have done much better last year,” said CEO Jim Farley at the time. “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.” Continue reading
Ford Misses Q4 and Full Year 2022 Forecasts. Loses $2B
Nevertheless, Ford declared a regular dividend of 15 cents per share, plus supplemental dividend of 65 cents per share, enabled in part by the “nearly complete monetization of stake in Rivian Company.” Ford anticipates full-year 2023 adjusted EBIT of $9 billion to $11 billion and adjusted free cash flow of about $6 billion. Continue reading
Ford Changes Supply Chain and Product Development Execs
It’s the latest example of the intricate routes automakers are negotiating in the transition to electric vehicles that is accelerating in the face of the dire effects of global warming, some of it caused by the transportation industries’ ongoing use of fossil fuels and what was in effect denial of the negative consequences of the exclusive use of fossil fuels. Ford’s challenge is to profitably maintain a line of both EVs from Ford Model e and so-called Ford Blue internal combustion vehicles that at some point – perhaps near at hand – are doomed. Continue reading
Ford Motor Posts Good Earnings But Weak Net Income
However, Ford’s net income was $667 million, a margin of 1.7%, which included a mark-to-market loss of, gulp, $2.4 billion on Ford’s stake in Rivian. Ford is also in the process of slashing costs under its latest restructuring plan, but refused to comment on pending job cuts, which are being reported as around 8000, only to confirm that there are too many people employed at Ford. Continue reading
Posted in financial results, news analysis
Tagged auto industry commentary, autoinformed.com, ford earnings, Jim Farley, Ken Zino
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Ford Europe Says Valencia Will Make Next Gen EVs
In the problematic world of labor relations, Ford is also moving ahead on the $2 billion conversion of its Cologne, Germany, operations to begin producing electric passenger vehicles starting in 2023. Continue reading
Ford Motor US Sales Drop Again in May. Shakeout Coming?
Ford Motor no longer bothers to hold press conferences covering monthly sales. Yesterday Jim Farley, President and Chief Executive Officer when asked at the Alliance Bernstein Strategic Decisions Conference about Tesla and five other EV companies with a market cap above $20 billion – meaning the market is saying there’re at least six credible new entrants – said, “We’re going to see very large consolidation and big changes. I would say new EV companies probably will get simpler and Chinese will become more important… Continue reading
Posted in electric vehicles, mobility company, news analysis, sales
Tagged auto industry commentary, autoinformed.com, Jim Farley, Ken Zino
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Ford Motor Blues – Q1 Loss of $3.1 Billion
As with GM yesterday, Ford was battered by supply chain disruptions mostly beyond its control, as well as self-created costs from the valuation of its investment in Rivian with a mark-to-market loss of $5.4 billion on the company’s investment down from $10.6 billion at the end of 2021. Strong customer demand from the ongoing Biden Administration recovery wasn’t helped by Ford’s popular vehicles because of persistent supply chain issues that Ford was unable to adjust for. Continue reading
Posted in financial results
Tagged auto industry commentary, autoinformed.com, ford credit, Jim Farley, John Lawler, Ken Zino
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Ford Motor Structure Threatens Viability. Vast Reorg Coming
Ford Motor Structure Threatens Viability. Vast Reorg Coming Continue reading
Automotive Chips – Ford Adds GlobalFoundries to Help Design and Supply
GF and Ford have signed a non-binding agreement for GF to create more semiconductor supply for Ford’s current vehicle lineup, as well as joint research and development to address the growing demand for feature-rich chips to support the automotive industry. Continue reading
Ford India Stops Manufacturing Vehicles For Sale
India will remain Ford’s second-largest salaried workforce globally. In addition to Ford Business Solutions, Ford India will continue engine manufacturing for export, as well as full customer support operations with service, aftermarket parts and warranty support. Continue reading
Ford Follows GM: Q2 2021 Earnings to Exceed Its Expectations
This ”follow the leader” move is the result of unfortunate timing and lingering suspicions that the future of the automotive business with automated vehicles, fuel cells and other connected car technologies will consume enormous amounts of capital that will hurt shareholders, which in the case of Ford contains numerous family members. Yesterday GM said it will increase its EV and AV investments from 2020 through 2025 to $35 billion. This is a – gulp – 75% increase from its initial pledge announced prior to the ongoing pandemic.
Ford Posts Q1 Income of $3.3B. Semiconductors Still Difficult
The company anticipates full-year 2021 adjusted EBIT to be between $5.5 billion and $6.5 billion, including an adverse effect of about $2.5 billion from the semiconductor supply issue. Adjusted free cash flow for the full year is projected to be $500 million to $1.5 billion, a large range reflecting the uncertainty in a global economy still reeling from the Covid pandemic. Continue reading
Ford Motor 2020 Loss $1.3 Billion. Microchip Shortage Looms
Chasing General Motors, Ford said it would increase its planned investments in electric and autonomous vehicles to more than $22 billion and $7 billion in turn through 2025. GM caught the industry by surprise when it said it would have 30 new EVs globally during roughly that period. It was the latest Ford attempt to appease the capital markets which remain skeptical about the lackluster performance of the Dearborn based automaker. Continue reading
Vijay Sankaran Rejects Information Officer Job at Ford
Ford has previously said that Sankaran, 47, had accepted an offer to become Ford’s chief software and information officer beginning this week, after serving seven years with TD Ameritrade. Continue reading
Posted in mobility company, people
Tagged auto industry commentary, autoinformed, autoinformed.com, Jim Farley, Ken Zino, Vijay Sankaran
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Ford – Most Hourly Workers, US-Assembled Vehicles, Exports
“Ford has bet on American workers, including the UAW, more than any other automaker. This commitment combined with great product and innovation, has earned us the loyalty of customers and returned Ford to America’s best-selling brand so far this year. We could make different decisions, as many others have done to reduce costs, but Ford is different. We will find ways to be lean and competitive while investing in our home market,” claimed Jim Farley, Ford president and CEO. This is, of course, a UAW contract negotiation year starting this summer with many recent Ford jobs going to Southern states hostile to unions. Continue reading →