Ford Plans EV Growth in 2024 Despite Adjusting F-150 Lightning Output - Multiple Existing Jobs Impacted Despite Hiring Plans
Portfolio Pulse from Nabaparna Bhattacharya
Ford Motor Company (NYSE:F) is creating 900 new jobs and adding a third crew at Michigan Assembly Plant for increased production of Bronco, Bronco Raptor, and the new Ranger pickups. Despite this expansion, Ford is reducing F-150 Lightning production to balance production and profitability, affecting some employees. Approximately 1,400 employees will be impacted by the shift change at the Rouge Electric Vehicle Center, with reassignments and retirement incentives offered. Ford anticipates global EV sales growth in 2024 and is launching the 2024 Mustang Mach-E GT. Ford's stock price dropped slightly by 0.50% to $11.05.
January 19, 2024 | 4:47 pm
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NEUTRAL IMPACT
Ford is expanding its workforce for Bronco and Ranger production, but reducing F-150 Lightning production, impacting employees. The company is also preparing for EV growth in 2024 with the new Mustang Mach-E GT.
The news is a mix of positive and negative factors. Job creation and production expansion for popular models are positive, but the reduction in F-150 Lightning production and the impact on employees could be seen negatively. The anticipation of EV growth and the launch of the Mustang Mach-E GT are positive for long-term prospects, but the slight stock price drop indicates a neutral short-term impact.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100