Ford

Ticker F

Today's data summary

Market open
% change
+0.57%
Price US dollars
8.48
Change
+0.05
As of 17:15 18 Mar 2019
Market cap. US dollars
33,158.99 million
As of 17:15 18 Mar 2019

Latest updates

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.

Ford operations in Bridgend 'vulnerable'

Today Programme

BBC Radio 4

Ford logo
Getty Images

Ford employs 13,000 in the UK at engine plants in Dagenham and Bridgend and a transmission plant at Halewood.

"They are linked into their European operations through supply chains, so put barriers in the way of that through tariffs or customs delays and there is a question about whether they are viable in the UK," said David Bailey, Professor of Industrial Strategy at the Aston Business School.

Bridgend is vulnerable because it loses a contract to supply Jaguar Land Rover in 2020 and no new investment has been coming into the plant.

"Brexit makes the decisions even more stark, for that plant to stand any chance it's really about getting new investment for electric drivetrain production, but for that to happen the UK would have to stay in a customs union and as close as possible to the Single Market.

"Falling out of that would really eliminate the chance of invesment in new technologies."

Ford confirms nearly 400 job losses at Bridgend

workers on production line
PA

Car giant Ford has announced a voluntary redundancy programme at its Bridgend engine plant.

It is confirmation of 370 job losses, which first emerged last month.

The company said a voluntary separation programme would affect hourly and salaried employees.

The move, which Ford said was part of its ongoing actions to create a "sustainably profitable business" in Europe, will affect between 350 and 400 jobs.

Read on.