Ford

Ticker F

Today's data summary

Market closed
% change
-2.64%
Price US dollars
9.97
Change
-0.27
As of 02:07 23 May 2019
Market cap. US dollars
39,069.11 million
As of 02:07 23 May 2019

Latest updates

What's in today's papers?

Today's papers
BBC

The Financial Times leads with yesterday's Huawei story with the headline: "Huawei tees up its own phone software after Google ban".

Jaguar Land Rover's record losses are featured on the front pages of the business sections of the Guardian and Times, while the latter also goes with: "Silicon Valley hit by fears of technology cold war".

Intriguing headline, but what's the story? In short, the value of technology firms is being hit by the US-China trade war. Chipmakers Qualcomm and Broadcom have been hit, along with Apple and Alphabet.

Meanwhile the FT's Companies & Markets section leads with the news that Ford is cutting 7,000 jobs.

More on Ford's emissions testing process

Ford logo
Getty Images

In February, automobile manufacturer Ford launched an internal investigation into its emissions testing, after receiving feedback from employees about the analytical modelling used to decide the US fuel economy and emissions compliance process.

The US uses computer modelling simulations as part of its vehicle certification process, and the issue seems to concern the quality of the data put into the model, relating to issues such as friction or rolling resistance of tires.

At the same time, Ford informed the US Environmental Protection Agency and the California Air Resources Board, as well as hiring an outside firm to conduct an investigation into the vehicle road load specifications used in its testing and applications to certify emissions and fuel economy,

Ford said on Friday that it is working with regulators and independent experts to complete a technical review of the issue.

Ford cuts in Germany

ford logo
Getty Images

Ford is to stop making the Ford C-MAX at the Saarlouis facility in the Saarland, Germany. It announced 5,000 job cuts in Germany earlier this month.

The company plans to end the night shift and move to two-shift operating pattern which it says will "reduce structural cost and increase efficiency", and will support "Ford’s transformation strategy aimed at near-term profitability and a more competitive business for the future".

It said it would continue to invest in new Ford Focus in Saarlouis.

“The actions announced today represent an important step towards delivering the products our customers want and a more competitive business for our stakeholders.” said Steven Armstrong, chairman of Ford-Werke.

“We will continue to invest in Focus and those products that are proving to deliver a healthier business for us going forward.”

Ford: Tariffs 'a devasting blow'

worker and ford logo
Getty Images

Carmaker Ford, which employs 13,000 in the UK, is urging the government to avoid a no-deal Brexit so that the tariff regime unveiled earlier does not need to be implemented.

“It is very disappointing that the UK government should unveil its planned automotive tariffs in the event of a no-deal Brexit without any prior consultation with the industry," Ford said.

"These tariffs would deal a devastating blow to much of the complex and integrated automotive industry, and would damage the competitiveness of Ford’s engine manufacturing in the UK.

"This is why it is imperative that a no-deal, hard Brexit is ruled out as soon as possible to avoid the imposition of such a draconian tariff regime on a large part of the UK auto industry.

"We sincerely hope that political differences will now be set aside, and that politicians will work together to avoid the country leaving the EU without a deal on March 29. Any deal must guarantee the principles of tariff free and frictionless trade.”

Ford exits truck business in Brazil

New Ford trucks are seen at a parking lot of the Ford factory in Sao Bernardo do Campo, Brazil, February 12, 2015.
Reuters

Further to the news that Ford is exiting the heavy truck business in Brazil.

The automobile manufacturer said that sales of the Cargo lineup, F-4000 and F-350 - along with the Fiesta small car - will end once inventories are sold.

The move is the latest part of a bigger overhaul by the US automaker, which is trying to boost profitability. It has also announced plants to close plants in Europe, cutting thousands of positions.

The closure of the Sao Bernardo do Campo plant, which Ford opened in 1967, will have a "significant impact" on jobs, a spokesperson said. However, the firm declined to say how many jobs will be affected, saying it was working with the local labour union on next steps.