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Ford extends shutdown, Stellantis confirms layoffs due to chip shortage

Ford and Stellantis this week announced new production cuts due to the global semiconductor shortage, with popular models including the Ford F-150 and Jeep Grand Cherokee facing cuts. Stellantis plans to temporarily lay off workers at one facility as production is curtailed.  According to Automotive News, Ford is extending shutdowns at some of its North American facilities into May. The Blue Oval has been forced to reduce or idle production of both its redesigned F-150 pickup and the popular Explorer due to the chip shortage. The Mustang, Transit, Edge, Lincoln Nautilus and Aviator will also continue to be affected. Stellantis is planning to temporarily lay off workers at a Jeep plant in Detroit during April and May due to a shortage of semiconductor chips. The company will cut two work crews at its Jefferson North plant in Detroit for three weeks starting April 26, then call them back and lay off a third crew from May 17 through the week of May 31, according to a schedule obtained by Bloomberg News. The plant on Detroit’s east side normally operates two shifts with three work crews six days a week to keep it running 20 hours a day. “Stellantis continues to work closely with our suppliers to mitigate the manufacturing impacts caused by the various supply chain issues facing our industry,” company spokeswoman Jodi Tinson said in a statement. “Due to the unprecedented global microchip shortage, Jefferson North will adjust its production schedule through the end of May.” Jefferson North employs about 4,800 hourly workers and makes the Jeep Grand Cherokee, the top-selling Jeep model last year, and the Dodge Durango SUV. A redesigned version of the Grand Cherokee is scheduled to start production in August, according to researcher AutoForecast Solutions. This article contains reporting from Bloomberg. Plants/Manufacturing Ford Jeep Lincoln Technology chip shortage

Bill Ford augments his power by nearly doubling stake of supervoting shares

Bill Ford Jr. has more sway than ever over the automaker that bears his surname, as the great-grandson of Ford's founder has reportedly doubled is holdings of Class B Ford stock. According to a report from Reuters (which cites a newly discovered securities filing), he acquired some 3.7 million Class B shares from an unnamed family member.
Class B shares of Ford stock are held by descendants of Henry Ford and offer expanded voting power to their holders - Bill Ford Jr. now controls roughly 11.5 percent of the total Class B pool. Ford Jr. is also a one of five trustees that manage a voting trust that oversees the majority of these "supervoting" shares. In total, Reuters reports there are 71 million Class B shares that account for 40 percent of the voting power in the company, despite making up just 2 percent of the total volume of all Ford stock.
Ford Jr. served as Ford's CEO until 2006, when he stepped down to hire and make space for current CEO, Alan Mulally. The move to consolidate Ford family voting power, at least somewhat, is seen by many as a comforting sign with Mulally's departure from the company likely to happen in the next several years.

New Ford GT to carry $400k-price tag

The last time Ford made a GT, it built more than 4,000 of them and sold each one for around $150,000. Judging by the premiums at which they later traded, they were evidently worth a lot more than that. But this time, the new Ford GT will be far more expensive and far more scarce. Official performance, production and pricing figures have yet to be released, but upon the new American supercar's European debut in Geneva, Ford performance chief Dave Pericak indicated it would be priced competitively with the Lamborghini Aventador – which carries a base sticker price approaching $400,000, Car and Driver reported. Combine that with production expected to number in the hundreds, not the thousands, and you're not likely to be seeing any of these Blue Oval halo cars in your neighborhood anytime soon. The question then becomes: will the price tag will be justified? With carbon-fiber construction and more than 600 horsepower on tap, it very well could be. And if speculators are going to drive up the actual sale prices, we don't see why Ford shouldn't get what the product is worth. But whether the world is ready for a $400,0000-Ford is another question entirely. Related Video: