General Motors (GM) and Ford Motor announced their quarterly sales in China fell, albeit at a slower pace sequentially, as the US automakers were hit by a slowing economy amid the Sino-US trade war.
Ford Motor’s shift in production at a Michigan plant to trucks from less profitable cars will lead to a more than $1 billion improvement in operating earnings, an official at the No. 2 US automaker said. The increase in earnings, before interest and taxes,
Ford Motor reported a lower-than-expected profit, weighed down by charges to restructure its units in Europe and South America, and the automaker gave a full-year earnings forecast that fell short of analysts’ projections.
Ford Motor Co and Volkswagen AG said they will spend billions of dollars to jointly develop electric and self-driving vehicles, deepening a global alliance to slash development and manufacturing costs while positioning VW as the initial winner.
Ford announced a major push into electric vehicles in Europe, vowing to convert its entire passenger car lineup on the continent to electrics by 2030. Ford will spend $1 billion to revamp its factory in Cologne, Germany and make it a base for
Ford Motor Co and Mahindra & Mahindra will form a joint venture in India valued at $275 million to produce and sell vehicles in the country and export to emerging markets, the two companies said on Tuesday.
The Mustang Mach-E, which will become available in late 2020, will be priced at around $45,000, but US tax credits for electric cars will trim that figure to around $35,000.
Ford Motor said its China vehicle sales increased 3% in April-June from a year earlier, its first quarterly sales rise in the world’s bigggest auto market in almost three years.