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Ford gets Trumped
https://gladerebooted.net/viewtopic.php?f=8&t=11826		 Page 1 of 1
Author:  Micheal [ Tue Jan 03, 2017 11:52 am ]
Post subject:  Ford gets Trumped
https://www.yahoo.com/finance/news/ford ... 03623.html

Looks like a good move for Ford.

Ford cancels $1.6 billion Mexican plant after Trump criticism

WASHINGTON (Reuters) - Ford Motor Co (F.N) said Tuesday it will cancel a planned $1.6 billion factory in Mexico and will invest $700 million at a Michigan factory, after it had come under harsh criticism from President-elect Donald Trump for its Mexican investment plans.

The second largest U.S. automaker said it would build new electric, hybrid and autonomous vehicles at the Michigan plant.

Ford Chief Executive Mark Fields on Tuesday said the decision to cancel the new plant in Mexico was in part related to the need to "fully utilize capacity at existing facilities" amid declining sales of small and medium sized cars such as the Focus and Fusion.

Fields also used the occasion to endorse "pro growth" tax and regulatory policies advocated by Trump and the Republican led Congress.

Trump repeatedly said during the election campaign that if elected he would not allow Ford to open the new plant in Mexico and would slap hefty tariffs taxes on imported Ford vehicles.

A Ford source said the Trump team was told this morning about the decision. It was influenced by Trump's policy goals such as lowering taxes and regulations but there were no negotiations between Ford and the Republican over the decision to cancel the Mexico plant or invest in Michigan, the source said.

Also on Tuesday, Trump threatened to impose a "big border tax" on General Motors Co (GM.N) for making some of its Chevrolet Cruze cars in Mexico.

Fields said Ford will build a battery electric SUV with a 300-mile driving range at the Flat Rock, Michigan plant by 2020, and will launch production there by 2021 of a fully autonomous vehicle without a steering wheel or a brake pedal for use in ride services fleets.

Ford will add 700 jobs at the Flat Rock plant, Fields said, to cheers from union workers gathered at the factory for the announcement.

Ford in April announced it would invest $1.6 billion to build a new plant in San Luis Potosi, Mexico to build small cars. The company said Wednesday it will shift production from Michigan of its Focus to an existing plant in Hermosillo, Mexico. Trump had urged Ford to cancel the planned Mexican plant.

Ford said Wednesday it will add two new unnamed products at its Michigan Assembly Plant in Wayne, Michigan, where the Focus is manufactured today.

(Reporting by David Shepardson; Editing by Chizu Nomiyama and Alistair Bell)
Author:  Müs [ Tue Jan 03, 2017 12:22 pm ]
Post subject: 
Awesome. Just what we need. Things to start getting more expensive.
Author:  Talya [ Tue Jan 03, 2017 4:24 pm ]
Post subject: 
Yeah, that's only a win if the the shareholder earnings and vehicle pricing are not negatively impacted. Populist support for manufacturing jobs is only good if your country can be competitive at manufacturing without factoring in punitive tariffs or protectionism.

Companies should put the jobs in whichever country can do it most efficiently. Anything else, you're just propping up a weak job market by sacrificing everyone's ability to save for retirement.
Author:  Corolinth [ Tue Jan 03, 2017 4:29 pm ]
Post subject: 
See? I told you all he was a New York Democrat.
Author:  TheRiov [ Wed Jan 04, 2017 7:27 am ]
Post subject: 
Ford CEO said Trump had nothing to do with the move.
Author:  Serienya [ Wed Jan 04, 2017 10:45 am ]
Post subject:  Re:
TheRiov wrote:
Ford CEO said Trump had nothing to do with the move.


What he said.

http://www.nbcnews.com/business/autos/f ... on-n702761
Author:  Arathain Kelvar [ Wed Jan 04, 2017 1:58 pm ]
Post subject:  Re:
TheRiov wrote:
Ford CEO said Trump had nothing to do with the move.


That's not exactly what he said. It's a display in confidence in his proposed policies. Whatever that means. It wasn't Trump's doing, but it looks like he was a factor.
Author:  Serienya [ Wed Jan 04, 2017 4:21 pm ]
Post subject: 
Or they're just saying that because Trump's tweets keep mucking with other companies' stock prices, and they didn't want any of that... Flattery works.
Author:  Arathain Kelvar [ Fri Jan 06, 2017 1:06 pm ]
Post subject: 
Oh, ok. So we're not concerned with what the CEO said, we're concerned with what we think he might have really thought, despite what he actually said.

Well, I can't argue with that. Whatever helps reinforce your existing opinion of Trump.
Author:  Talya [ Fri Jan 06, 2017 5:22 pm ]
Post subject: 
It's amazing what Trump has done already!

Oh wait, who's the president right now?

Anyway, regardless of TheDonald's influence on this, the point is, it's not necessarily a good thing, overall.

It is nice for the auto-workers of Michigan, however.
Author:  Diamondeye [ Sat Jan 07, 2017 2:49 pm ]
Post subject:  Re:
Arathain Kelvar wrote:
Oh, ok. So we're not concerned with what the CEO said, we're concerned with what we think he might have really thought, despite what he actually said.

Well, I can't argue with that. Whatever helps reinforce your existing opinion of Trump.


Glade cynicism is always better than primary sources.
Author:  Arathain Kelvar [ Sun Jan 08, 2017 6:10 pm ]
Post subject:  Re:
Talya wrote:
It's amazing what Trump has done already!

Oh wait, who's the president right now?

Anyway, regardless of TheDonald's influence on this, the point is, it's not necessarily a good thing, overall.

It is nice for the auto-workers of Michigan, however.


I'm sure it's a good thing for the company, or they wouldn't be doing it.

EDIT: or at least they think it's a good thing.
Author:  Talya [ Mon Jan 09, 2017 12:47 pm ]
Post subject:  Re: Re:
Arathain Kelvar wrote:

I'm sure it's a good thing for the company, or they wouldn't be doing it.

EDIT: or at least they think it's a good thing.


If it were something they were going to do even if Hillary won, then it's a good thing for the company.

if it's something they're doing to hedge their bets in case Trump pulls out of NAFTA, then it's not so much a "good thing for the company" as it is a mitigation of the risk of a potential new trade policy that will be very bad for most companies.
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