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Thursday, March 31, 2022 7:25:39 PM
This today with Ford
Ford Motor Co. will pause production next week at a Michigan plant that produces Mustangs due to the ongoing chip shortage.
"The global semiconductor shortage continues to affect Ford 's North American plants," the auto maker said in a statement Thursday. "Behind the scenes, we have teams working on how to maximize production, with a continued commitment to building every high-demand vehicle for our customers with the quality they expect. All of our North American plants will run the week of April 4 , except Flat Rock Assembly Plant ."
The Flat Rock, Mich. , facility started producing the 2022 Ford Mustang in January, but production has been halted multipletimes this year due to supply-chain constraints. Ford plants in Ohio and Kentucky have also halted production at times this year.
In February, Ford warned in its fourth-quarter earnings report that its production would likely see a "low double- digit net decline in the first quarter," citing "persistent supply-chain disruptions." Still, Ford said it expected 10% to 15% full-year wholesale gains in 2022.
Ford shares (F) fell 2% Thursday and are down nearly 19% year to date, but are up 39% over the past year, compared to the S&P 500's 5% decline in 2022 and 13% gain over the past 12 months.
- Mike Murphy
(END) Dow Jones Newswires
03-31-22 1919ET
Copyright (c) 2022 Dow Jones & Company, Inc.
Kleptocrats: a ruler who uses political power to steal his or her country's resources.
Kleptocracy: government by those who seek chiefly status and personal gain at the expense of the governed.
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