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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...

As US exports top 2 million, is America becoming the world's source of cheap cars?

North American auto production is booming with 2014 figures just shy of the of the 17.3-million vehicle record set in 2000. With more models being built on the continent, even more are being shipped overseas. Factories in the US exported 2.1 million cars last year – the highest number ever. About half of those went to Canada and Mexico, but more than ever have been heading to places like the Middle East and China. The upswing comes in part from from after-effects from the Great Recession, according to The Wall Street Journal. With a weak dollar and lower production costs after the financial crisis, building vehicles in the US was relatively cheaper and more competitive in the world. At the same time buyers around the world are going crazy for crossovers. According to the WSJ, BMW and Mercedes-Benz are already exporting the majority of their US production of these models overseas. Both automakers have also announced investments to expand production further here to send more vehicles abroad. Even Honda has been shipping more models out of the country than it imported here. There is a concern this international strength could start slowing because the dollar is strengthening against other currencies, though it's too early to know what the actual effect of this could be, according to the WSJ. "Of course, we closely watch currency exchange, but we don't make changes in production or allocation based on temporary fluctuations in the exchange rate," Ford North American boss Joe Hinrichs told the newspaper. Related Video: News Source: The Wall Street Journal - sub. req.Image Credit: BMW Plants/Manufacturing BMW Ford Honda Mercedes-Benz exports us auto production

Latest Forza Motorsport 5 car pack leaves us scratching our head (in a good way) [w/video]

As we scrolled down the roster of the latest car pack for Forza Motorsport 5, the Hot Wheels Car Pack, our expression became bemused over the strange mix of vehicles that we now have at our disposal. This is quite unlike any of the other sets of DLC Turn 10 Studios has offered. Sure, there are the typical headliner cars – the Lamborghini Veneno and 2015 Audi S3 – that will appeal to the mainstream racing fan or auto enthusiast. But this latest car pack is so jammed full of nuggets of automotive weirdness that it's hard not to get excited. The Hot Wheels pack has no shortage of racers, with a particular focus on historical offerings. A 1939 Auto Union Type D covers the pre-war era of Formula One, while a 1967 Lotus 49 and a 1952 Ferrari 375 represent post-war racing. For a modern twist, a Mazda USF2000 car slots in below the Indy Lights car from the Nurburgring booster pack. From here, things get vintage and weird. There are a pair of delightfully offbeat coupes, in the form of a 1974 Toyota Celica GT and a 1973 Ford XB Falcon GT (here's hoping we get a vintage Holden Monaro in the future). Those two are joined by a 1956 Ford F-100, which your author already plans on converting into a dragster with vinyl flames down the side (because that's what all vintage pickups should be). The new ride we're most excited about, though, is the 1983 GMC Vandura G-1500. Yes, that's the van from The A-Team, and we're sure it will prove to be an excellent canvas for the artists of FM5 to cover with airbrushed, fire-breathing unicorns and mystical, gray-haired wizards (or just poorly painted letters that read "Free Candy"). This latest car pack is the final monthly car pack for FM5, although Turn 10 is quick to point out that while the monthly updates are over, there will still be new batches of cars made available to gamers. As for the Hot Wheels pack, it's available now on Xbox Live for $9.99. Scroll down for the press release from Turn 10 Studios, as well as a video of the newest additions to Forza Motorsport 5's vehicle roster. Forza Motorsport 5 Hot Wheels Car Pack Now Available Turn 10 Studios is bringing the Hot Wheels® Car Pack to "Forza Motorsport 5," available for download today. The pack features a collection of vehicles built from the ground up for the new generation that car fans can collect and customize while putting their virtual driving skills to the test.