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Ford to ramp up Lincoln rollout in China in bid to catch rivals

DETROIT/BEIJING — Ford Motor Co's premium Lincoln brand plans to build as many as five new vehicles in China by 2022, according to two U.S. sources, in a move to expand sales in the world's largest vehicle market that would also blunt the impact of trade U.S.-China trade spats. Ford has said it plans to build an all-new sport utility vehicle in China by the end of 2019, however the company has not detailed future production plans for the Lincoln brand in China beyond that. "Our localization plans to support the China market are on track and will serve to further drive Lincoln's growth in China," Lincoln spokeswoman Angie Kozleski said. "Beyond that, it would be premature to discuss our future product and production plans or timing." Sources familiar with Ford's production plans told Reuters the automaker now expects to begin building the new Lincoln Aviator in China in late 2019 or early 2020, along with replacements for the MKC compact crossover and the MKZ midsize sedan, followed in 2021 by the all-new Nautilus, which replaces the Lincoln MKX crossover. A fifth model, a small coupe-like crossover, is tentatively slated for production in China in 2022, the sources said. Ford has much to lose if the war of words over trade between China and U.S. President Donald Trump escalates into a full-blown tariff war. Last year, it shipped about 80,000 vehicles to China from North America, more than half of them Lincolns to support the brand's growth. All Lincoln vehicles that Ford now sells in China are brought in from North America. Even if China does reduce its 25 percent tariff on imported vehicles - as Chinese President Xi Jinping promised on Tuesday - it is not clear that would mean a big, long-term increase in Fords and Lincolns made in U.S. factories heading to Chinese showrooms. Ford is pursuing long-range plans to build more vehicles in China to serve a market that is now roughly 60 percent larger than the U.S. market, and projected to keep growing. But it is playing catch up to hometown rival General Motors Co and German luxury brands including Audi, BMW and Mercedes-Benz, which have invested heavily in Chinese production in recent years as a form of insurance against trade, political and currency gyrations and to lower price points for their premium cars.

Ford books $1.2B profit in second quarter on strength of trucks

Ford is rolling along nicely, with a positive second-quarter sales report and a $2.3 billion profit in North America. The Dearborn, Michigan-based manufacturer captured $1.2 billion globally from April to June, with a $177 million profit in Asia. Even in Europe, the land of doom and gloom for automakers not named Mazda, Ford saw some success as it lowered its expected full-year loss from $2 billion to $1.8 billion. The company lost $348 million in Europe during the second quarter, which, believe it or not, represents a $56-million improvement over 2012.
According to the report on CNBC, Ford enjoyed a three-percent increase in pre-market trading thanks to the news. The strong demand for the F-150 propelled growth in the US market, while Ford's 47-percent increase in Asian sales can be attributed to the new EcoSport crossover and Kuga (Ford Escape in the US) arriving in the somewhat fragile Chinese market.
Pre-tax profits for Ford are expected to be in the neighborhood of $8 billion by the end of the year, with sales the US, Europe, and China all looking up. The company also shifted $4.78 billion of asset-backed debt in the form of bonds, according to a report by Bloomberg. This move came amidst rumors of the Federal Reserve cutting back on its $85-billion-per-month bond purchases. Ford wasn't alone among automakers looking to sell off debt, though, as Mercedes-Benz and Nissan shifted around $1 billion each in bonds relating to auto loans.

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