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Jim Farley to lead Ford of Europe

"We are excited to see Jim and Stephen take on these new roles as they bring unique skills, experience and fresh perspectives to these critical positions." - Mark Fields
Ford marketing chief Jim Farley is taking over the company's troubled European operations as part of an executive shuffle confirmed on Friday morning.

Rising aluminum costs cut into Ford's profit

When Ford reports fourth-quarter results on Wednesday afternoon, it is expected to fret that rising metals costs have cut into profits, even as rivals say they have the problem under control. Aluminum prices have risen 20 percent in the last year and nearly 11 percent since Dec. 11. Steel prices have risen just over 9 percent in the last year. Ford uses more aluminum in its vehicles than its rivals. Aluminum is lighter but far more expensive than steel, closing at $2,229 per tonne on Tuesday. U.S. steel futures closed at $677 per ton (0.91 metric tonnes). Republican U.S. President Donald Trump's administration is weighing whether to impose tariffs on imported steel and aluminum, which could push prices even higher. Ford gave a disappointing earnings estimate for 2017 and 2018 last week, saying the higher costs for steel, aluminum and other metals, as well as currency volatility, could cost the company $1.6 billion in 2018. Ford shares took a dive after the announcement. Ford Chief Financial Officer Bob Shanks told analysts at a conference in Detroit last week that while the company benefited from low commodity prices in 2016, rising steel prices were now the main cause of higher costs, followed by aluminum. Shanks said the automaker at times relies on foreign currencies as a "natural hedge" for some commodities but those are now going in the opposite direction, so they are not working. A Ford spokesman added that the automaker also uses a mix of contracts, hedges and indexed buying. Industry analysts point to the spike in aluminum versus steel prices as a plausible reason for Ford's problems, especially since it uses far more of the expensive metal than other major automakers. "When you look at Ford in the context of the other automakers, aluminum drives a lot of their volume and I think that is the cause" of their rising costs, said Jeff Schuster, senior vice president of forecasting at auto consultancy LMC Automotive. Other major automakers say rising commodity costs are not much of a problem. At last week's Detroit auto show, Fiat Chrysler Automobiles NV's Chief Executive Officer Sergio Marchionne reiterated its earnings guidance for 2018 and held forth on a number of topics, but did not mention metals prices. General Motors Co gave a well-received profit outlook last week and did not mention the subject. "We view changes in raw material costs as something that is manageable," a GM spokesman said in an email.

Ford Fiesta becomes UK all-time best seller

We may regard Ford as an American automaker, but ask a Brit and they may tell you otherwise. The Blue Oval has, after all, been selling cars in the UK since 1903, and started manufacturing there as far back as 1911 when it began local production of the Model T in Manchester. Last year Ford ended 100 years of vehicle manufacturing in the UK when the last Transit van rolled off the assembly line in Southampton, but it's still the biggest-selling automotive marque in Britain.
Ford has led the British market for 34 out of the past 45 years, selling more Fiestas than any other company sells any other car in the UK since 2009... when it overtook the Focus. In fact the Fiesta has now become the best-selling car in British history, topping 4,115,000 units since its introduction in 1976. The previous record was held by - you guessed it - another Ford: the Escort sold 4,105,961 units over the course of its 32 years on the British market.
Although the Fiesta is no longer manufactured in the UK (previous versions having been built at Dagenham until 2002), engines are: the EcoBoost line was developed at the company's R&D center in Essex and are built at the factory in Dunton, while its diesel engines were developed at Dagenham in East London. Even the 1.6-liter EcoBoost engine in the Fiesta ST is built in South Wales.