Ford cranks up its hiring to build more pickups
Seeking to capitalize on surging demand for its profitable F-150s, it's adding 2,000 workers to its Kansas City factory.
The Dearborn, Mich., company is adding a third shift in the current quarter to build the F-150, which has seen sales jump by 24% in April and 19% this year. Ford is also adding 1,100 more jobs in the fourth quarter ahead of next year's introduction of the all-new full-size Ford Transit line of vans.
The company is spending $1.1 billion on retooling and expanding the Kansas City plant. As Bloomberg noted, the F-150 has been the best-selling vehicle in the U.S. of any type for more than three decades. Demand should continue to be robust as the housing market rebounds and contractors clamor for new pickups to replace their aging models.
Like other automakers, Ford is hoping that strength in the U.S. will offset weakness in other markets such as Europe, where it lost $462 million in the most recent quarter. Ford plans to close three plants there to try to stem its eurozone losses. On the plus side, Ford is three-quarters of the way to its goal of adding 12,000 hourly jobs in the U.S. by 2015 and is investing $16 billion in its plants.
Shares of Ford, which have risen more than 3% this year, were trading higher early Thursday in reaction to the hiring news.
General Motors (GM) today reported quarterly earnings that were better than expected. It saw a North American profit, excluding some costs, of $1.4 billion versus $1.6 billion in the year-ago period. Notably, its loss in Europe narrowed to $200 million from $300 million.
Chrysler Group, the only U.S. automaker to gain market share last year, recently reported a 65% drop in first-quarter profit as costs rose because of new model launches. The company, which is controlled by Italy's Fiat (FIATY), backed its full-year financial outlook.
Jonathan Berr does not own shares of the listed stocks. Follow him on Twitter @jdberr.
Regal Boy ....not everyone works in their birkenstocks in an air conditioned office.
Some people rely on a Pick up truck for their work. What a pin head.
Hmmm... now watch the usual, extremist trolls say the same damn thing about Obama, as they always do: "Gov't Motors this, Obama that...!"
The same trolls refuse to believe the bailout helped Ford by keeping GM and Chrysler soluble-- so the auto parts suppliers, tire makers and the other related satellite auto industries-- would not have went under. Ford would've died, too!
It's amazing how the right-wingers will get on their mindless gerbil-wheel of "no common sense" talking points-- simply to hate Obama!
They're juvenile whine is still pathetic.
The same people buying gas guzzling pick-ups are the ones crying about gas
prices.Cry me a river.
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[BRIEFING.COM] The stock market ended the Tuesday session on a lower note after generally upbeat earnings took the back seat to geopolitical concerns. The S&P 500 (-0.5%) and Nasdaq Composite (-0.1%) ended on their lows, while the Russell 2000 (+0.3%) displayed relative strength.
Once again, market participants were focused on quarterly reports in the early going, but geopolitical worries overshadowed the impact of mostly better than expected earnings. Specifically, equities ... More
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