Ford

The global chip shortage has hit Ford and the automaker is set to start selling and shipping Explorer SUVs without the chips that power rear air conditioning and heating controls. According to a report in Automotive News citing sources, Ford Motor Co plans to ship and sell partially built vehicles that are awaiting semiconductors or related components that control non-safety critical features.

In its bid to catch up with Elon Musk-run Tesla, Ford Motor Company has announced to increase its electric vehicle (EV) investment to $50 billion through 2026, up from the previous $30 billion investment announcement by 2025. The automaker aims to produce more than 2 million electric vehicles annually by 2026, representing about one-third of Ford's global volume, rising to half by 2030.

According to a senior worker at Ford India, the younger workers want the remaining years of service to be the factor in calculating the compensation while the normal practice is to take the completed years of service. However, the workers who have age on their side, want some sort of parity in the compensation amount paid for loss of jobs. The management also wants a cap on the compensation paid per worker.

"The management has told us that no talks have been held with the Tata Group for sale of the two factories. However, news reports are there about the Tata Group in talks with the state government in connection with taking over of the Ford India's plants," a union leader, speaking on condition of anonymity, told IANS.

It is learnt from sources that Balasundaram Radhakrishnan, Director (Manufacturing), Ford India Private Ltd, has been appointed as the Transformation Officer.

According to India Ratings, the outlook is 'Stable' for Ford India which has announced its decision to stop car production in India. "The downgrade reflects the developing implications with respect to the operational and credit metrics of the entity post restructuring, the quantum of outflows on account of the restructuring, and the agreements with various stakeholders," India Ratings said.

Ford Motor Company's Indian manufacturing operation is carried out by its subsidiary Ford India Private Ltd with two manufacturing plants -- one at Chennai and Sanand in Gujarat. The Rs 13,520 crore revenueFord India set up its first plant near Chennai with Tamil Nadu offering tax incentives like sales tax waiver/ deferral.

A day before the Ganesh Chaturthi festival -- September 9 -- Ford India announced that it will wind down vehicle assembly in Sanand by the fourth quarter of 2021, and vehicle and engine manufacturing in Chennai by the second quarter of 2022. Ford India has four plants in the country -- vehicle and engine plants in Chennai and Sanand.

On September 9, Ford India announced that it will wind down vehicle assembly in Sanand by the fourth quarter of 2021 and vehicle and engine manufacturing in Chennai by the second quarter of 2022. Ford India has four plants in the country -- vehicle and engine plants in Chennai and Sanand. Ford India has decided to continue operating the engine plant in Sanand while closing down the other three.