Key Developments: Ford Motor Co (F.N)
15.74USD
1 Jul 2013
$0.27 (+1.75%)
$15.47
$15.60
$15.79
$15.56
4,517,493
6,624,654
$16.09
$8.82
Latest Key Developments (Source: Significant Developments)
Ford Motor Co Recalling 465,000 2013 Models To Check For Fuel Tank Leaks-Reuters
Reuters reported that Ford Motor Co is recalling 465,000 2013 models to check for fuel tank leaks that could result in a fire. The automaker said it won't have enough replacement parts for all owners until September. Models include the 2013 Ford Fusion, Flex, Explorer, Taurus, Interceptor Sedan and Interceptor Utility, as well as the 2013 Lincoln MKZ, MKS and MKT. The recall involves 420,000 vehicles in the United States, Canada and Mexico and the rest overseas. Full Article
Ford Motor Co Reaffirms FY 2013 Earnings Guidance-Conference Call
Ford Motor Co announced that for fiscal 2013, it expects pretax profit to be about equal to fiscal 2012. The Company reported pre tax profit of $7.966 billion in fiscal 2012. Full Article
Ford Motor Co To End Australia Auto Production-WSJ
The Wall Street Journal reported that Ford Motor Co. would stop producing cars in Australia in three years. it would end more than 90 years of car production in Australia in October 2016, resulting in 1,200 job losses. It cited unsustainably high business costs, with wages singled out as a particular concern. The Company said the unit's losses over the past five years totaled 600 million australian dollars (USD581.1 million). Full Article
Ford Motor Co Reaffirms FY 2013 Earnings Guidance
Ford Motor Co announced that for fiscal 2013, the Company's guidance remains unchanged. The Company expects another strong year, with total company pre-tax profit about equal to fiscal 2012, operating margin about equal to or lower than fiscal 2012, and Automotive operating-related cash flow higher than 2012. The Company reported pre tax profit of $7.966 billion in fiscal 2012. Full Article
UK Auto Workers Protest Severance Packages Offered By Ford Motor Co At Dagenham Plant-DJ
Dow Jones reported that U.K. labor union Unite said that workers at Ford Motor Co .'s plant are voting over severance packages and alternative jobs being offered by the U.S. giant which is closing the metal stamping and tool facility. Ford has offered to redeploy the 750 workers affected at the plant in Dagenham near London but suitable alternative jobs haven't been made available especially for some 100 skilled toolmakers. The closure is part of the Dearborn, Michigan-based company's plans to cut operating costs in Europe by $500 million over the next two years by closing three plants, including one in Genk, Belgium, cutting 6,200 jobs and reducing the ability to make vehicles by 18% in the region. Full Article
Ford Motor Co Raises Stake In Jiangling Motors Corp Ltd-Reuters
Reuters reported that Ford Motor Co has raised its stake in Jiangling Motors Corp Ltd to 31.5% and is looking to increase it to as much as 32% over the next year. Ford has bought 13,002,396 of Jiangling's Hong Kong dollar-denominated B-shares so far this year, accounting for roughly 1.5% of the Chinese automaker's outstanding shares. Full Article
General Motors Co and Ford Motor Co Agree To Jointly Develop Fuel-saving Transmissions-Reuters
Reuters reported that General Motors Co and Ford Motor Co have agreed to jointly develop a new line of nine- and ten-speed automatic transmissions to boost the fuel economy and performance of their lineup, the companies said. GM and Ford will build both front- and rear-wheel drive transmissions as part of this effort. Engineering teams for both companies have already started initial design work. Full Article
Ford Motor Co Declares Second Quarter Dividend
Ford Motor Co announced that it has declared a second quarter dividend of $0.10 per share on the Company's outstanding Class B and common stock. This is the same level of dividend paid in the first quarter of 2013. Full Article
Ford Motor Co Being Sued For Cars, Trucks That May Accelerate Unintentionally-Reuters
Reuters reported that Ford Motor Co has been sued by 20 consumers seeking compensation from the U.S. automaker for selling vehicles over nearly a decade that they said were vulnerable to unintended acceleration. The lawsuit filed in a West Virginia federal court alleged that more than 30 models equipped with electronic throttle control system did not have in place reliable safety systems, such as a brake override system. The Ford, Lincoln and Mercury cars and trucks covered in the lawsuit were built from 2002 to 2010. Full Article
Ford Motor Co To Recall 3,500 Sedans, SUVs To Fix Fuel Tanks-Reuters
Reuters reported that Ford Motor Co said that it will recall about 3,500 Taurus, Explorer and Lincoln MKS vehicles around the world to repair fuel tanks equipped with an improperly molded seam. The tanks with these seams may leak after a severe crash, Ford said. As of February 28, 2013 the U.S. automaker received six reports of tanks with a fuel odor or leak due to the defect. Full Article
Factories rebound in June, but hiring down
NEW YORK - Manufacturing expanded last month, rebounding from an unexpected contraction in May, but hiring in the sector was the weakest in nearly four years, which could make the Federal Reserve think twice about how soon to scale back its stimulus.
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