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FORD MOTOR COMPANY

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GM, Ford cutting more North American production due to chip shortage

04/08/2021 | 02:45pm EDT
FILE PHOTO: Newly manufactured Ford Motor Co. 2021 F-150 pick-up trucks are seen waiting for missing parts in Dearborn

WASHINGTON (Reuters) -General Motors Co and Ford Motor Co both said on Thursday they will cut more vehicle production due to a semiconductor chip shortage that has roiled the global automotive industry.

The White House plans a summit on the chip shortage issue next Monday that is expected to include GM Chief Executive Mary Barra and Ford Chief Executive Jim Farley and top technology firm executives.

A U.S. auto industry group this week urged the government to help and warned that a global semiconductor shortage could result in 1.28 million fewer vehicles built this year and disrupt production for another six months.

President Joe Biden wants at least $50 billion to help boost U.S. semiconductor production, but that will not address short-term needs. "This is something that there is a great deal of focus at the highest level across government," White House spokeswoman Jen Psaki said.

The largest U.S. automaker said it will cut production for two weeks at its Spring Hill assembly plant that makes popular SUVs starting on Monday, and cut a week of Chevrolet Blazer production at its Ramos plant in Mexico and its Lansing Delta Township factory in Michigan.

GM's Lansing Grand River Assembly will extend its downtime through the week of April 26, while its CAMI Assembly (Canada) and Fairfax Assembly plants will extend production shutdowns through the week of May 10.

Ford, the second-largest U.S automaker, said it will cancel production next week at its Chicago Assembly Plant, its Flat Rock Assembly Plant and part of its Kansas City Assembly Plant. It will also operate its Ohio Assembly Plant on a reduced schedule.

Ford said it will operate more plants this summer during traditional shutdown weeks to make up for lost production.

GM said the latest cuts have been factored into its forecast that the shortage could reduce this year's profit by up to $2 billion.

GM said it has not taken downtime or reduced shifts at any of its more profitable full-size truck or full-size SUV plants due to the shortage.

(Reporting by David Shepardson in Washington and Ankit Ajmera in Bengaluru; Editing by Maju Samuel and Sriraj Kalluvila)

By David Shepardson and Ankit Ajmera


© Reuters 2021
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Financials (USD)
Sales 2021 125 B - -
Net income 2021 2 929 M - -
Net cash 2021 4 208 M - -
P/E ratio 2021 15,7x
Yield 2021 0,28%
Capitalization 47 181 M 47 181 M -
EV / Sales 2021 0,34x
EV / Sales 2022 0,25x
Nbr of Employees 186 000
Free-Float 97,7%
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Mean consensus OUTPERFORM
Number of Analysts 22
Average target price 13,49 $
Last Close Price 11,82 $
Spread / Highest target 35,4%
Spread / Average Target 14,1%
Spread / Lowest Target -23,9%
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Managers and Directors
NameTitle
James D. Farley President, Chief Executive Officer & Director
John T. Lawler Chief Financial Officer & Vice President
William Clay Ford Executive Chairman
Kenneth E. Washington Chief Technology Officer
Hau Thai-Tang Chief Operations & Product Platform Officer
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