2013 Ford Focus Se on 2040-cars

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Jim Hackett says metal tariffs costing Ford $1 billion in profits

Ford CEO Jim Hackett divulged in an interview with Bloomberg that the Trump administration's tariffs on metals imported from the European Union, Canada and Mexico have affected the automaker's balance sheet, adding that trade disputes need a quick resolution. "From Ford's perspective, the metals tariffs took about $1 billion in profit from us," Hackett told the outlet. "The irony is we source most of that in the U.S. today anyways. We're in a good place right now, but if it goes on longer there will be more damage." Hackett did not specify what period the $1 billion covered, but a Ford spokesman said the CEO was referring to internal forecasts at Ford for higher tariff-related costs in 2018 and 2019. President Trump in March announced his intention to enact 25 percent tariffs on steel imports and 10 percent on imported aluminum from the three trade zones as a way to protect the U.S. steel industry. The move sent U.S. automakers' stock prices plunging at a time when they were coming off weak monthly sales reports. Separately, President Trump has targeted China with two rounds of tariffs targeting a combined $260 billion worth of imports. China has responded by enacting 25-percent tariffs on U.S. goods including vehicle imports. In the interview, Hackett said that has hurt demand for Lincoln, which has found a growing market for its luxury vehicles in China, and made the price of the Lincoln MKC less attractive to Chinese buyers. The MKC is built at the company's Louisville, Ky. assembly plant. "We've had to move people in that factory to other operations because of that trade problem," he said. It's not clear what those moves entail or how many workers were involved. Autoblog sought comment from a Ford spokeswoman and will update this story if we hear back. Ford last month announced it was scrapping plans to import the Focus Active small crossover to the U.S. from China because of the new 25-percent tariffs on Chinese imports. Material from Reuters was used in this report Related Video:

Chevy Blazer and Easter Jeeps | Autoblog Podcast #576

In this week's Autoblog Podcast, Editor-in-Chief Greg Migliore is joined by Senior Editor, Green, John Beltz Snyder and Assistant Editor Zac Palmer. They do a rundown of the latest news, including rumors of the Toyota Tundra and Tacoma sharing a platform, Jeep's insane Easter Safari concepts and an upcoming "entry level" performance Ford Mustang. Then they talk about driving the new Chevrolet Blazer and Jeep Grand Cherokee Trailhawk, and compare driving the Genesis G70 to the Kia Stinger. Finally, they take to Reddit to spend someone's money on a new crossover. Autoblog Podcast #576 Get The Podcast iTunes – Subscribe to the Autoblog Podcast in iTunes RSS – Add the Autoblog Podcast feed to your RSS aggregator MP3 – Download the MP3 directly Rundown Toyota Tacoma and Tundra to share a platform? Jeep Easter Safari concepts "Entry level" performance Mustang? Cars we're driving: 2019 Chevy Blazer 2019 Jeep Grand Cherokee Trailhawk 2019 Genesis G70 Spend My Money Feedback Email – Podcast@Autoblog.com Review the show on iTunes Related Video:

Ford's first PHEV in Europe could be C-Max

Ford could start selling a plug-in hybrid in Europe pretty soon, according to at least one of its executives. Whether it's willing to do so is another story. But if the market perks up, so will the company. The automaker can "quickly" develop a plug-in hybrid version of its Mondeo, the sister car to the Ford Fusion, Automotive News Europe says, citing Ford executive Uli Koesters. The subject of Ford selling plug-in hybrids in Europe is more vital than ever since Volkswagen recently started selling its first PHEV (a Golf) there. VW will also debut a Passat PHEV next year. Koesters was less certain about whether there was sufficient European demand to warrant a production PHEV from Ford. Europe's biggest-selling plug-in hybrid through the first half of the year was the Mitsubishi Outlander PHEV. That model, according to JATO Dynamics, moved almost 9,000 units through June. Toyota sold almost 4,300 Prius Plug-in Hybrids in Europe during that time period. And we can't be sure Ford's first European PHEV will be the Modeo/Fusion, either. In fact, Ford's first plug-in hybrid for Europe is more likely to be the C-Max, John Gardiner, a Ford spokesman in Europe, told AutoblogGreen. He would only say that it would be sold "in selected markets soon," without being more specific. Ford's two PHEVs in the US have been selling well this year. Through September, sales of the Fusion Energi PHEV almost tripled to 9,323 units, while Ford C-Max Energi PHEV sales were up 51 percent to 6,486 units.