Ford Motor Company reports news across its global automotive manufacturing, connected-services and financial-services operations. Recurring updates cover Ford and Lincoln vehicles, Ford Blue gas-powered and hybrid programs, Ford Model e electric-vehicle and software work, Ford Pro commercial vehicles and services, and Ford Motor Credit Company.
Company announcements also address quarterly financial results, U.S. sales trends, dividend declarations, product-creation and industrialization changes, technology collaborations, BlueCruise and security services, shareholder meeting materials, and governance or investor-relations updates tied to the Ford+ operating plan.
PT Vale Indonesia, Zhejiang Huayou Cobalt, and Ford Motor Co. have announced a collaboration for sustainable nickel production in Indonesia. This partnership will focus on the Pomalaa Block HPAL Project, which aims to produce up to 120 kilotons per year of mixed hydroxide precipitate (MHP) from ore supplied by PT Vale. The project is expected to begin construction this year and commence operations by 2026, supporting Ford's goal of a 2 million EV production run rate by the end of 2026. This initiative is part of a national strategy to enhance Indonesia's position as a key player in the global EV supply chain.
Ford's Vice President of Product Development Operations & Quality, Jim Baumbick, will discuss the company's Ford+ plan during a fireside chat at Bank of America's 2023 Automotive Summit on April 5, 2023, at 12:10 p.m. ET. He will outline how Ford aims to capitalize on software-enabled vehicles, including gas-powered, hybrid, and electric models. Ford has established three business segments: Ford Blue for internal-combustion vehicles, Ford Model e for EVs and software, and Ford Pro for commercial services. A strategic update on these segments will also be presented at Capital Markets Day on May 22, 2023.
Ford has announced a restructuring of its reporting based on three new global segments: Ford Blue for gas and hybrid vehicles, Ford Model e for electric vehicles (EVs), and Ford Pro for commercial products. The company reaffirmed its 2023 adjusted EBIT guidance of $9 billion to $11 billion and confirmed its late-2026 margin targets of 10% for total adjusted EBIT and 8% for Model e. Ford aims for significant growth through technology deployment and cost reduction, expecting first-generation Model e EVs to achieve a break-even contribution margin this year while investing in new product development.
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Ford Pro is enhancing its services for commercial customers by partnering with Ernst & Young LLP to provide free information on Inflation Reduction Act (IRA) electric vehicle tax credits. Qualifying customers can receive up to $7,500 in tax credits for each purchased electric vehicle, including the popular E-Transit and F-150 Lightning. The complimentary service is available to commercial clients with a Fleet Identification Number, catering to those with fleets of 15 vehicles or more or those purchasing five vehicles. This initiative aims to support businesses in understanding IRA incentives, simplifying the transition to electric vehicles.
Ford will present its new customer-focused business segments during a Teach-In on March 23, 2023, at 10:00 a.m. ET. The segments include Ford Blue for gas-powered vehicles, Ford Model e for electric vehicles, and Ford Pro for commercial services. CFO John Lawler and VP Cathy O’Callaghan will discuss how these changes align with the Ford+ growth plan, including the recast financials for 2021 and 2022. The event will be livestreamed, and Ford will ring the NYSE opening bell at 9:30 a.m. on the same day.
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Ford has launched Latitude AI, a wholly owned subsidiary dedicated to developing a hands-free, eyes-off automated driving system for its vehicles. The Latitude team, consisting of 550 experts in machine learning and robotics, aims to enhance the driving experience by automating tedious situations like traffic. This initiative supports Ford's strategic shift toward in-house development of automated driving technologies. Latitude's headquarters is in Pittsburgh, with additional hubs in Dearborn and Palo Alto. The new system is expected to improve safety and reduce stress for millions of drivers, aligning with Ford's commitment to innovation in mobility.
IperionX Limited (NASDAQ: IPX, ASX: IPX) has appointed Harold Sears as Additive Manufacturing Senior Advisor, enhancing its capability in producing low-cost, low-carbon titanium metal powders for advanced industries. Mr. Sears brings over 32 years of experience, including a significant tenure at Ford Motor Company. His expertise will guide IperionX in scaling its additive manufacturing capabilities, catering to sectors such as automotive and defense. IperionX's patented technology transforms recycled titanium into sustainable products, supporting its mission to lead in low-carbon titanium solutions.
Ford announced a $3.5 billion investment to build the first LFP battery plant in the U.S. in Marshall, Michigan. This facility is set to create 2,500 jobs and will enhance Ford's EV production capabilities, adding approximately 35 GWh of battery capacity annually. The plant is part of Ford's commitment to invest over $50 billion in electric vehicles globally by 2026, aiming for an 8% EBIT margin by that year. Ford has invested $17.6 billion in EV and battery production since 2019, leading to more than 18,000 direct jobs in the U.S.
The introduction of LFP batteries will diversify Ford's battery offerings, making EVs more affordable and accessible.