Ford will quickly shut a manufacturing facility in Michigan subsequent month to place in equipment for a redesigned F-150 pickup that begins promoting in 2021, Bloomberg reviews.
Ford is also constructing a brand new facility subsequent to its truck plant in its headquarters metropolis, Dearborn, Mich., to supply electrical F-150s, sources informed the information service.
The corporate additionally is about to redo its Missouri pickup manufacturing facility in October to prepare for the redesigned truck, after closing the Dearborn plant for 2 weeks of retooling beginning Sept. 7, the Bloomberg sources mentioned.
All this can slash F-150 manufacturing by about 100,000 autos this fall, based on Benchmark analyst Michael Ward, Bloomberg reviews.
Ford mentioned earlier this month that Jim Farley would succeed Jim Hackett as chief government.
“Ford’s inventory was just below $11 when Hackett took over in Might 2017, so we expect the transfer could result in share-price appreciation within the quick time period,” Morningstar analyst David Whiston wrote in a commentary.
“For now, we’re leaving our honest worth [$8] in place resulting from Ford’s excessive debt load,” the analyst mentioned.
“We need to see Farley produce significant enchancment, which can take till subsequent yr resulting from launches of the new-generation F-150 late this yr and three Broncos coming in 2020-21.”
On the plus facet, “we look ahead to seeing what Farley brings as a CEO, and we anticipate a extra direct communication type than Hackett’s,” Whiston mentioned.
Ford shares not too long ago traded at $6.92, up 3.8%. They’ve dropped 28% this yr.