Ford confirms small car production moving from US to Mexico

Ford Motor Company on Wednesday said its pre-tax profit would decline for a second straight year in 2017 as the company invests heavily in electrified and driverless cars. In addition, “Ford will continue to make cars (i.e. Taurus and Mustang), SUVs and trucks and vans in the U.S”.

GM has outlined plans to use its alliance with Lyft to place electric and autonomous vehicles in ride services fleets, while expanding auto sharing through its Maven brand.

Sponsored content: Is your agency prepared to defend the next cyber attack? Still, the guidance toward lower results next year contrasted with average analyst estimates in a Bloomberg survey for adjusted earnings per share to rise by 1 cent next year, to $1.84, and for adjusted net income to rise to $7.45 billion from $7.37 billion.

“We will have migrated all of our small auto production to Mexico and out of the United States”, over the next two to three years, Fields told analysts at the vehicle maker’s investor conference today.

“We are going to turn this around”, said Trump. Last week, Ford said it had acquired Chariot, a San Francisco-based startup that provides a local on-demand shuttle service with dynamic routing capability.

The Great Recession shook up this mode of thought, and before you knew it, General Motors was rolling out the Chevy Cruze, its most appealing successful small vehicle, perhaps ever. Ford said Wednesday, Aug. 24, 2016, the company is recalling more than 88,000 cars and SUVs because the engines can stall without warning due to a fuel pump problem.

American don’t want little cars.

In a statement prepared ahead of an analysts’ meeting in MI, the company also mentioned that it expects “core business pre-adjusted tax profit” to rise every year between 2016 and 2018.

It had initially forecast a profit equal to or better than a year ago, but pulled back after announcing a $640m recall of 2.4 million vehicles.

Shares of Ford Motor Company (NYSE:F) were down 1.94% in after-hours trading. The stock is down nearly 14 percent so far this year.

Shifting production to a lower-labor-cost country makes “particular economic sense” with small cars, he said.

Ford said it expects to remain cash-flow positive through 2018 and to keep a cash balance at or above $20 billion.

There could easily be import fees when Ford moves production south of the border, as Trump’s wall could force them to send cars over by ship from Cuba to Florida.

“Zero” jobs will be lost in MI, where Ford is based, with the move, Mark Fields told Poppy Harlow on CNN. A driver whose vehicle was using the system died in Florida in May in a collision with a tractor-trailer.

Additionally, Ford outlined that its electric-vehicle plans will be focused on “areas of strength”, meaning its commercial vehicles, trucks, utility and performance autos.

At a visit to the Knotty Tie Company in Denver in early August, Clinton noted that Trump-branded ties, suits and furniture are made in China, Mexico and Turkey, respectively. Fields said Ford isn’t afraid to change course if the goals aren’t being met. That includes making its vehicles less complex.

It will incur regulatory costs largely linked to tougher fuel economy and vehicle emissions standards as well as safety requirements worldwide, Ford chief financial officer Bob Shanks told analysts.