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Ford paying $750 million just to close plant in Belgium

According to a report from Reuters, Ford is shelling out $750 million in a severance deal that will see the automaker close its facility in Genk, Belgium. The automaker reached this deal with the 4,000 hourly workers employed at the plant last week, which means the company will pay out an average of $187,500 per worker.
Ford is still negotiating with the 300 salaried workers at the factory, which currently produces the Mondeo sedan. All told, Ford expects to lose around $2 billion in Europe thanks in no small part to the region's ongoing economic downturn, and two more plants are scheduled to be shut down in Europe this year. The company will log its $750 million payout under "special items" for this quarter.
As you may recall, Ford took a similar path in the US back in 2009 when the domestic market took a spill. Back then, the company shelled out around $50,000 per employee with at least one year of experience, plus either $25,000 toward a new car or an extra cash payment of $20,000. It would seem the cost of closing plants in Belgium is a much harder pill to swallow than in the States...

Ford, Volvo join Redwood in EV battery recycling push in California

Ford and Volvo will join battery recycling startup Redwood Materials in developing processes, starting in California, to collect end-of-life batteries from electric and hybrid vehicles and recover the materials for use in new batteries, the companies said Thursday. Redwood Materials, co-founded by former Tesla executive JB Straubel, formed an earlier partnership last fall with Ford to develop a “closed loop” or circular supply chain for electric vehicle (EV) batteries, from raw materials to recycling. On Thursday, Redwood Materials said it would work directly with dealers and dismantlers in California to identify and recover end-of-life battery packs. The materials in those packs will be recovered and recycled at Redwood Materials facilities in northern Nevada. U.S. automakers Ford and General Motors Co (GM) have said the battery recycling effort is crucial in efforts to develop a domestic supply chain to meet increasing EV demand. GM and battery partner LG Energy Solution last year announced a partnership with startup Li-Cycle to recycle battery scrap material from Ultium Cells, the GM-LG joint venture that is building battery plants in Ohio, Tennessee and Michigan. Redwood Materials has similar partnerships with battery makers Panasonic in Nevada and Envision AESC in Tennessee, as well as with Amazon. Ford and Amazon are among the investors in Redwood Materials. Reporting by Paul Lienert in Detroit; Editing by Mark Potter Green Ford Volvo Green Automakers Electric

First retail 2015 Ford Mustang headed to Barrett-Jackson

Want to be the very first person to own a 2015 Ford Mustang GT? Here's what you'll need to do: be in Scottsdale, AZ on January 18 for the Barrett-Jackson auction and bring a very big checkbook. Having a passion for charity isn't a bad idea either.
Yes, the first 2015 Mustang to be sold to the public will be crossing the block at Barrett-Jackson in Scottsdale, with proceeds from the auction going to JDRF, the charity formerly known as the Juvenile Diabetes Research Foundation.
"Ford Mustangs have always been among the most popular collector cars at Barrett-Jackson Collector Car events," said the president of Barrett-Jackson, Steve Davis. "While every collector wishes they had snapped up the first Mustang sold in 1964, this is an opportunity to realize that dream in a different way."