Ford plans to suspend or cut production at eight factories next week

According to the latest report, a Ford Motor spokesman said the company plans to suspend or cut production at its eight plants in the United States, Mexico and Canada for the entire week next week due to tight chip supplies.

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Ford has also warned that a shortage of chips will lead to lower vehicle production this quarter. Ford shares slipped on Friday after the company reported quarterly revenue that missed expectations and forecast a slower recovery in vehicle production than rival General Motors in 2022. Ford also said it expects vehicle production to increase significantly in the second half of the year.

It is reported that Ford’s full-year 2021 net income will reach 17.9 billion US dollars, and its adjusted EBIT will be 10 billion US dollars, both of which have achieved year-on-year growth. Among them, the company’s fourth-quarter revenue reached $37.7 billion, net income was $12.3 billion, and adjusted EBIT was $2 billion, both higher than the same period in 2020.

Ford Motor Company Chief Financial Officer John Lawler said the company expects an even stronger 2022 adjusted EBIT of between $11.5 billion and $12.5 billion, up 15% to 25% from a year earlier. The high end of the adjusted EBIT range will be able to achieve an 8% profit margin, which will bring the company’s target set a year ahead of schedule. Adjusted free cash flow in 2022 is expected to be between $5.5 billion and $6.5 billion.

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