Ford: Electric vehicles to be 40% of global sales by 2030
Ford expects 40% of its global sales to be battery-electric vehicles by 2030 as it adds billions to what it's spending to develop them. Under former CEO Jim Hackett, Ford was criticized by analysts for moving too slowly on its turnaround and future vehicle plans. “Today is show, not tell time, for the Ford team,” Farley said at the start of the presentation.news.yahoo.com
Flashpoint 12/6/20: Lt. Gov. Garlin Gilchrist discusses findings of study on COVID and minorities
DETROIT – The second surge of the coronavirus is leaving many asking for help from lawmakers in Washington. Garlin Gilchrist which this week released findings on a new study of the virus. Gilchrist was on Flashpoint Sunday and discussed findings of the study. Segment OneMichigan Democratic congresswoman, Elissa SlotkinSegment TwoMichigan Republican congressman, Paul MitchellSegment ThreeLt. Gov. Garlin Gilchrist
Flashpoint 11/29/20: New Ford CEO talks taking over amid global health crisis, major industry shift
DETROIT – For many, the coronavirus pandemic has been a difficult time -- separating loved ones from one another, causing job loss and health scares. For Detroiter Jim Farley, the pandemic has also signaled a significant change in his life: replacing Jim Hackett as CEO of Ford Motor Company. On Sunday, we talked with Farley about what it means for him to take over as CEO in the middle of a worldwide health crisis and a seismic shift in the mobility world. We also talked with leaders of local food banks and how they’re faring amid the pandemic, which has caused food insecurity for many Metro Detroit families. Segment OneNew Ford Motor Company CEO Jim FarleySegment TwoKirk Mayes, CEO of Forgotten Harvest; Gerry Brisson, President and CEO of Gleaners Community Food Bank
New Ford CEO replaces CFO, pledges stronger profit margins
He'll be replaced by John Lawler, a 30-year company veteran who has been running autonomous vehicle operations. It also plans to offer more electric vehicles around the globe including a Transit van and F-150 pickups. Ford also plans to add more affordable electric vehicles to its lineup. Reid said Argo software and autonomous vehicle technology would go to other Ford units, including programs to help businesses with logistics. It was pushed into the black by a $3.5 billion accounting gain on the value of its autonomous vehicle operation.
Jim Hackett to retire, COO Jim Farley to take over as president, CEO of Ford
DETROIT Jim Hackett is retiring as president and CEO of Ford Motor Company, and current COO Jim Farley will take his place, the company announced Tuesday. Jim Hackett has laid the foundation for a really vibrant future and we have made tremendous progress in the past three years. I am very grateful to Jim Hackett for all he has done to modernize Ford and prepare us to compete and win in the future, said Bill Ford, Fords executive chairman. My goal when I took on the CEO role was to prepare Ford to win in the future, Hackett said. He is also a change agent with a deep understanding of how to lead Ford in this new era defined by smart vehicles in a smart world.
ClickOnDetroit Morning Briefing -- August 4, 2020
Michigan Primary Election 2020 is today: What you need to knowVoters who havent already voted by mail will head to local voting precincts today to cast their votes in important local races across Southeast Michigan. Spike in COVID-19 cases linked to grad parties in Oakland CountyThe health department says the rising number of coronavirus (COVID-19) cases in the South Lyon area can be traced to summer parties -- specifically graduation and prom parties. There have been 50 new cases in South Lyon alone, which is a rate of 15 cases per 10,000 people. Michigan Secretary of State addresses concerns ahead of primary electionThe Michigan Primary Election is a major test as residents look forward to the general election in November. Michigans Secretary of State said her team is ready for Tuesdays primary election, but she admitted there will be some challenges.
Employees pressure Ford to stop producing police vehicles
Some employees are asking the automaker to stop building and selling police vehicles. First reported Wednesday by automotive website Jalopnik, as many as 100 Ford employees called for the automaker to stop making vehicles for police departments. In the letter, employees cite images of officers in Ford police vehicles driving through crowds of protestors and deploying chemical agents. Employees told Ford executives, We are long overdue to think and act differently on our role in racism.The auto giant has produced vehicles used by law enforcement since the 1950s. In response, Ford CEO Jim Hackett and President Bill Ford said Black Lives Matter and they are reviewing the companys diversity, but sales of police vehicles will continue.
Ford plays it safe with revamped F-150, focuses on interior
The biggest differences are a gas-electric hybrid version, internet connectivity, and a revamped interior that turns the truck into more of a rolling office or even a place to nap. Now its time for another revamp, and Ford is playing it safe with the companys crown jewel. The biggest differences are a gas-electric hybrid version, internet connectivity, and a revamped interior that turns the truck into more of a rolling office or even a place to nap. Theres really nothing more important to us than the F-Series, Ford CEO Jim Hackett said in an interview. Sam Pack, who owns four Dallas-area Ford dealerships, says the F-Series accounts for well over 40% of his sales.
Rocky business restart and an enticing offer for MLB
Following are developments Thursday related to the national and global response, the work place and the spread of the virus. Disneyland has pushed back the reopening of its parks in California because state approval will not arrive in time. The company said the state will not issue guidelines until after July 4, not enough time to open within two weeks. MARKETS: Stocks are flat to lower as COVID-19 infections surge in a number of states including Florida, Texas and South Carolina. BOXING MATCH: Professional sports are attempting a comeback even without crowds that have been prohibited because of social distancing rules.
Brands weigh in on national protests over police brutality
Black lives matter. At the same time, companies must consider whether it makes sense for them to weigh in, especially on an issue as sensitive as race. Media giant ViacomCBS tweeted Black Lives Matter. Expressing solidarity with the Black Lives Movement is the right message, but everyone is jumping in on that bandwagon, said Allen Adamson, co-founder and managing partner of Metaforce a marketing and product consultancy. Each of these black lives matter.
New safety precautions in place as The Big Three reopen plants today
WARREN, Mich. After nearly two months, the Big Three will restart production Monday and thousands of line workers will be back on the job. It wont be business as usual -- GM, Ford and FCA have implemented new safety procedures to limit the possibility of COVID-19 exposure. READ: President Trump to visit Ford plant in Ypsilanti ThursdayExtensive safety protocols are being used at every plant. The UAW will continue to do everything we can to protect the health and safety of all members as plants reopen. We will continue to be vigilant in protecting the health and safety of our members, their families and their communities.
Big 3 restart production today in Michigan with new safety measures
DEARBORN, Mich. After nearly two months, the Big Three will restart production Monday and thousands of line workers will be back on the job. It wont be business as usual -- GM, Ford and FCA have implemented new safety procedures to limit the possibility of COVID-19 exposure. The Big Three of the automotive industry will cautiously restart production Monday. The UAW will continue to do everything we can to protect the health and safety of all members as plants reopen. We will continue to be vigilant in protecting the health and safety of our members, their families and their communities.
Metro Detroit autoworkers return to work Monday with safety measures in place
Safety measures will be in place including social distancing practices, frequent disinfections and heath screenings. The Big Three have all been preparing for the restart of factories by testing safety protocols in the plants that have remained in operation to produce personal protection equipment and ventilators. Inside the General Motors Warren Transmission plant United Auto Workers and GM volunteers churned out face masks for hospitals all over the state. Where our coronavirus safety protocols have been in place we have not seen a confirmed case of community spread in our facilities, said General Motors CEO, Mary Barra. Workers will also work from opposite ends of a vehicle instead of being inches apart to stay socially distant.
Local 4 News at 11 -- May 15, 2020
Heres whats coming up on Local 4 News at 11:Ford CEO unveils what the automaker is doing to ensure worker safetyWith auto plants set to reopen next week, Ford CEO Jim Hackett is unveiling what the automaker is doing to ensure worker safety. He spoke with Local 4 about the changes being put into place ahead of the reopening.
This is going to be one of the safest place to be, Ford CEO says before reopening Monday
DETROIT The Ford Motor Company has been working round the clock to make sure employees are safe and business can find a new normal amid the coronavirus (COVID-19) pandemic, CEO Jim Hackett said Friday before plants reopen Monday morning. They will no longer lining up to pass through turnstiles at the beginning and end of shifts. The protocol, Hackett said, is outlined in a 70 page manual the company wrote to ensure and likely reassure employees and their families. This is going to be one of the safest place to be, frankly, from getting what we've got to do now, is if somebody catches it, then we will go into action, he said. Hackett says they plan to keep that kind of production going for at least the next year.
American companies spent years in an economic boom. Then the coronavirus hit
Instead of a gradual slowdown, the coronavirus and efforts to contain it ground much of the economy to a halt. The crisis has forced companies to shutter stores for weeks, lay off employees, shrink budgets and shift to other business models quickly. When it began as an outbreak in China, it wasn't immediately clear how disruptive the coronavirus would become around the world. Best Buy announced plans to close its stores to customers, switch to curbside pickup only and furlough about 51,000 employees. Pizza Hut has tried to grow its digital and delivery sales as fewer customers want to eat their pizzas inside its restaurants.cnbc.com
Ford shares fall after automaker warns of first-quarter losses and a nearly 16% dive in revenue
Ford Motor expects to report an adjusted pretax loss of about $600 million for the first quarter as the coronavirus depresses sales and production. In the first quarter of 2019, Ford posted first-quarter net income of $1.15 billion, and earned $2.4 billion after adjustments. Ford said total revenue for the first quarter is expected to be about $34 billion, down 15.7% from $40.3 billion a year ago. Urged by the United Auto Workers union, Ford, Fiat Chrysler and General Motors announced plans to temporarily close their plants due to the coronavirus on March 18. Shares of GM were down about 5% Monday morning, while Fiat Chrysler shares decreased by around 3%.cnbc.com
Ford warns of potential job cuts and will partially defer executive salaries amid coronavirus pandemic
Ford Motor CEO Jim Hackett warned employees Thursday that "tougher actions" such as job cuts could be needed depending on the severity and length of the coronavirus pandemic and its impact on operations. In addition to the executive salaries, Ford Executive Chairman Bill Ford Jr., great-grandson of company founder Henry Ford, will defer 100% of his cash salary. He earned a $1.7 million base salary in 2018, according to the company's latest proxy filing. Hackett, whose base salary was $1.8 million in 2018, will defer 50% of his salary, according to the company. Ford Chief Operating Officer Jim Farley and Ford Chief Financial Officer Tim Stone also will defer 50% of their salaries, the company said.cnbc.com
Ford suspends dividend, withdraws 2020 guidance due to coronavirus
People walk by a Ford Escape SUV displayed during the media day for the Shanghai auto show in Shanghai, China, April 16, 2019. Ford said Thursday that it would suspend its dividend and withdraw its 2020 guidance as the company tries to shore up its cash amid the coronavirus pandemic. Ford also said it would draw $15.4 billion from two credit lines. Ford will pay for three months and customers can defer for up to three more for a total of six months, the company said. The program is only for people purchasing 2019 and 2020 model-year vehicles, excluding 2020 Super Duty trucks.cnbc.com
Ford COO Farley to receive $2.5 million in shares if not selected as next CEO
Jim Farley, Ford Motor Company Executive Vice President and President of Global Markets, reveals the 2020 Ford Mustang Shelby GT 500 at the 2019 North American International Auto Show during Media preview days on January 14, 2019 in Detroit, Michigan. Ford Motor Chief Operating Officer Jim Farley is set to receive millions in common shares of the automaker if he is not selected as its next CEO, according to a company filing submitted to the SEC on Friday. Farley, who is considered to be the heir apparent to CEO and President Jim Hackett, would be awarded a stock grant valued at $2.5 million in unrestricted shares of Ford common stock if not chosen as Hackett's successor, according to the filing. Based on Friday's closing price of Ford shares $5.63, up 5.2%, Farley would receive more than 444,000 shares of the company. Such an incentive is likely a move by the company to retain Farley for the long-term regardless of if he's leading the company or not.cnbc.com
Ford Explorer back 'on track' following flawed launch, exec says
A Ford Motor Co. Explorer Hybrid sports utility vehicle (SUV) is displayed during the 2019 North American International Auto Show (NAIAS) in Detroit, Michigan, U.S., on Monday, Jan. 14, 2019. Following a flawed launch of its Explorer SUV last year, Ford says production and sales of the popular vehicle are back "on track" and gaining momentum. The redesign of the Explorer was a complete rebuild of the vehicle as well as the plant that produces the model. Ford has described the launch as one of the most complex in its history, including redoing the Illinois plant in just 30 days. Ford CEO and President Jim Hackett has described the launch as a "company issue" with fumbled execution, which increased pressure from Wall Street on Hackett amid lower-than-expected earnings.cnbc.com
There's a sense of urgency and crisis at Ford as stock hits 10-year low, exec says
There's a sense of urgency and crisis at Ford Motor that is reminiscent of the automaker's near-bankruptcy during the Great Recession, according to its incoming chief operating officer. "Everyone at Ford Motor Co. knows the situation we're in," Jim Farley, a 13-year veteran of the company, told investors Wednesday at a Wolfe Research conference in New York. "I can see it on the face of my colleagues and it takes me back to about 10 years ago." Farley's comments follow Ford stock closing Tuesday at $7.23 per share the lowest closing price since 2009. He said the company has a plan to address the costs without citing specific examples.cnbc.com
Ford names Jim Farley COO in leadership shakeup in which executive Joe Hinrichs is retiring
Ford Motor executive Joe Hinrichs will retire and the company is naming Jim Farley as chief operating officer, the automaker said in a surprise announcement Friday. It said Farley, currently chief of new business and technology, will take over broader responsibilities from Hinrichs, who is president of the automotive division. Farley will continue reporting to President and CEO Jim Hackett, who has been under fire from Wall Street regarding progress on an $11 billion global restructuring plan. Ford stock is down less than 1% in the past year but has fallen 11.3% in 2020. Hinrichs was at the White House on Jan. 29 representing the automaker as President Donald Trump signed the United States-Mexico-Canada Agreement.cnbc.com
Ford loses $1.7 billion in fourth quarter, disappoints on 2020 forecast
DEARBORN, Mich. Ford Motor lost $1.67 billion during the fourth quarter and missed Wall Street earnings expectations on increased pension contributions and higher North American warranty and labor costs. The automaker disappointed Wall Street with its earnings projections for 2020. It's projecting full-year earnings of between 94 cents and $1.20 a share, or adjusted earnings before interest and taxes of $5.6 billion and $6.6 billion. The company made $6.4 billion in 2019, slightly below a revised forecast for the year following a botched launch of its redesigned Ford Explorer SUV. Ford expects adjusted free cash flow of between $2.4 billion and $3.4 billion in 2020.cnbc.com
GM, Ford and others cut thousands of jobs and closed factories to save billions in 2019
Daniel Acker | Bloomberg | Getty ImagesDETROIT General Motors, Ford Motor and other automakers in the past year cut thousands of jobs and shuttered factories as industry vehicle sales slow and fears of an economic slowdown pick up. No one is forecasting an industry downturn comparable to when vehicle sales dropped below 11 million in the U.S. in 2009. Global vehicle sales also are expected to fall by about 3.1 million in 2019 the steepest year-over-year decline since the financial crisis a decade ago. Ford took similar actions for its business to remain "vital and vibrant business through all cycles," as Ford CEO Jim Hackett described it in May. In June, Ford announced it would cut 12,000 mostly hourly jobs at its operations in Europe by the end of 2020.cnbc.com
Ford shares tumble nearly 7% as $11 billion restructuring hits bumps
Jeff Kowalsky | AFP | Getty ImagesDEARBORN, Mich. Ford Motor is paving the way for a more profitable future under an $11 billion restructuring plan spearheaded by CEO Jim Hackett, however it's hitting some speed bumps along the way. "The third-quarter results do have evidence of the global redesign of Ford," Hackett said Wednesday on a call with investors. Hackett announced the $11 billion restructuring in July 2018. 'Bumpy ride'Ford expects the restructuring to cost $3 billion to $3.5 billion in earnings before interest and taxes for the year, including $1 billion in the third quarter. Through the third quarter, the restructuring charges totaled $3.3 billion, or 30%, of the planned $11 billion through 2022.cnbc.com
Ford announces $275 million joint venture with Mumbai-based Mahindra
DETROIT Ford Motor has agreed to sell 51% of its business in India to Mahindra & Mahindra, one of the largest auto manufacturers in the country. The Dearborn automaker announced the sale Tuesday as part of a $275 million joint venture with the Mumbai-based company that will develop, market and distribute Ford brand vehicles in India and Ford brand and Mahindra brand vehicles in "high-growth emerging markets around the world," according to Ford. The joint venture with Mahindra, according to Ford, is the next step in the strategic alliance forged between Ford and Mahindra in September 2017. The joint venture will be operationally managed by Mahindra, and its governance will be equally composed of representatives of Mahindra and Ford. "Ford and Mahindra have a long history of working together, and we are proud to partner with them to grow the Ford brand in India," said Bill Ford, executive chairman of Ford, in a release.cnbc.com
Bronco, Mustang-inspired EV to lead Ford's new product line in 2020
In 2020, Ford is introducing a new Mustang-inspired, all-electric crossover vehicle and bringing back the Ford Bronco SUV, which was discontinued in 1996. "This is an incredibly transitional period for us," Kumar Galhotra, Ford President of North America, said Tuesday while discussing the plans during a presentation at the J.P. Morgan Auto Conference. A slide from Ford President of North America Kumar Galhotra during the J.P. Morgan Auto Conference on Tuesday detailed the company's upcoming model launches. Ford, according to Galhotra, will lower the average age of its product portfolio in the U.S. from 5.6 years in 2019 to 3.3 years in 2020. That's being accomplished by cutting some unpopular sedans, including the Ford Taurus, and adding new models, according to Galhotra.cnbc.com
Ford CEO: We disrupted auto industry long before Elon Musk
The auto industry is going through massive change -- and Tesla and its outspoken CEO, Elon Musk, are seen as the great disruptors. "And yeah, he's competing with the ultimate disruptor in Henry Ford." Even the long-established industry titans that are just now venturing into electric cars owe a debt to Musk. As it works to ready itself for the future, Ford has been cutting jobs, making investments and forming partnerships. As CEO of Ford, Hackett is operating what is essentially a family-run corporation.
Ford CEO Predicts Autonomous Cars And Electric Models
(CNN) In the future, cars will be electric. Tesla, just 16 years old, is already selling more electric cars than any other automaker. Even the long-established industry titans that are just now venturing into electric cars owe a debt to Musk. As it works to ready itself for the future, Ford has been cutting jobs, making investments and forming partnerships. As CEO of Ford, Hackett is operating what is essentially a family-run corporation.detroit.cbslocal.com
Ford, VW update plans for electric, self-driving cars
They also said they were investigating how to develop the next generation of vehicles, such as electric and self-driving cars. All of the world's major automakers are racing to develop electric and self-driving cars. Volkswagen has said previously that it will spend 44 billion ($50 billion) by 2023 on an "electric offensive" to develop electric cars, self-driving vehicles and other new technology. But much of the $11 billion restructuring is with an eye towards developing electric and self-driving cars. Volkswagen estimates that electric vehicles will make up 40% of its fleet by 2030.
Ford cutting another 12,000 European jobs as restructuring continues
The latest move comes as Ford prepares to close or sell off six of its 24 European plants, including an engine plant in Wales, a transmission factory in France and three facilities in Russia. While a large share of the new European job cuts will target hourly employees, Ford last month said it was eliminating 7,000 white-collar jobs, including 2,300 in the United States. At that time, CEO Hackett hinted there would likely be more to follow, noting, "We still have a lot of work to do in the coming months." The shift to sport and crossover-utility vehicles has extended to other markets, including Europe and China, though not to quite the same degree. Jim Hackett, Ford Source: Ford Motor Companycnbc.com
Quiz: How well do you know Michigan's new AD?
ANN ARBOR, Mich. – Michigan announced the hiring of new athletic director Warde Manuel Friday morning. Manuel takes over for interim AD Jim Hackett, who brought in football coach Jim Harbaugh, extended the contract of basketball coach John Beilein and initiated a contract with Nike during his short tenure. Manuel is expected to begin his duties as Michigan AD in March. How well do you know Michigan's new athletic director ? MOBILE APP USERS: Tap here to take the quiz.
Dave Brandon resigns as Michigan AD, Jim Hackett named interim
The announcementPresident Mark Schlissel announced Friday afternoon that Dave Brandon has resigned as Michigan athletic director amid a storm of national scrutiny. Hackett was an offensive lineman at Michigan at the same time as Brandon under legendary coach Bo Schembechler. Brandon took over the Michigan athletic department with one goal in mind: Turn the tradition of the university into profit. Michigan could potentially be interested in the University of Connecticut's athletic director Warde J. Manuel, who served as associate AD at Michigan. Current Arkansas AD Jeff Long also rose to associate AD at Michigan before becoming the top dog at Pittsburgh.