The Ford Motor Company’s performance in the first quarter of this year was the automaker’s best since 1998. Ford earned $2.6 billion in the quarter, surpassing Wall Street estimates by half a billion dollars. Company officials attribute the earnings to new vehicles and price increases that offset the rise in cost of raw materials. Ford’s Louisville… Continue reading Ford Earnings Surpass Expectations
Ford CEO Alan Mulally praised Louisville in a speech Tuesday night at the KFC Yum Center. Mulally was the keynote speaker at the Greater Louisville Inc. annual meeting.
Ford is in the middle of a $600 million retooling of the Louisville Assembly Plant. Mulally hailed the new model of the Ford Escape, which will be built at the plant, as revolutionary.
A French automotive interiors manufacturer will open a plant in Louisville next year.
Faurecia Interior Systems will produce components for upcoming vehicle models out of a plant near Middletown.
Kentucky Governor Steve Beshear met with Ford Motor Company CEO Alan Mulally this week, and he says the conversation was encouraging. With Ford upgrading the Louisville Assembly Plant to produce new vehicles, Beshear says he’d been planning to meet with Mulally for weeks. They convened on Monday and Beshear says Mulally told him that Ford’s… Continue reading Beshear Says Ford CEO Positive On Louisville's Future
275 workers at Ford’s Louisville Assembly Plant are being laid off today.
The workers on Ford’s Explorer line are being cut as the vehicle is taken out of production.
Local United Auto Workers Union Building Chairman Steven Stone says the union tried to prevent the layoffs, but employment will be boosted when the plant begins manufacturing a new fuel-efficient vehicle in 2011.
“They are predicting to run multiple shifts out there, so I’m sure every single one of those that are laid off will be back,” he says. “I’m sure of that.”
Stone says the laid off workers will receive some health benefits and about 70% of their salaries for one year. A Ford spokesperson did not return a phone call for comment.
As Chrysler enters bankruptcy and General Motors restructures with government funds, Ford remains viable. That’s according to longtime automotive writer Jerry Flint.
Staff reductions could be imminent for Ford’s Louisville Assembly Plant.
When President Bush announced a government loan to General Motors and Chrysler last week, he called for the end of the jobs bank program, which provides benefits and partial wages for laid-off employees.
General Motors and Chrysler stand to receive $17.4 billion in federal loans if they can restructure their businesses toward profitability.
Congress is pushing forward with negotiations for a bridge loan to the country’s Big Three automakers. Congressman John Yarmuth of Louisville says he’s hesitant about parts of the legislation, but thinks it’s necessary. Two of the Big Three – GM and Chrysler – say they’ll fail in weeks, not months, if the government doesn’t give… Continue reading Yarmuth Opposes 'Car Czar' Position