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Ford paying $750 million just to close plant in Belgium

According to a report from Reuters, Ford is shelling out $750 million in a severance deal that will see the automaker close its facility in Genk, Belgium. The automaker reached this deal with the 4,000 hourly workers employed at the plant last week, which means the company will pay out an average of $187,500 per worker.
Ford is still negotiating with the 300 salaried workers at the factory, which currently produces the Mondeo sedan. All told, Ford expects to lose around $2 billion in Europe thanks in no small part to the region's ongoing economic downturn, and two more plants are scheduled to be shut down in Europe this year. The company will log its $750 million payout under "special items" for this quarter.
As you may recall, Ford took a similar path in the US back in 2009 when the domestic market took a spill. Back then, the company shelled out around $50,000 per employee with at least one year of experience, plus either $25,000 toward a new car or an extra cash payment of $20,000. It would seem the cost of closing plants in Belgium is a much harder pill to swallow than in the States...

EV tax credits: Here's every electric car or plug-in hybrid that qualifies

Starting on April 18, the Internal Revenue Service released new guidance for U.S. buyers shopping for a new electric or plug-in hybrid vehicle. On April 18th, the IRS showed only six fully electric vehicles on the qualified list, but a day later Volkswagen confirmed its U.S.-built ID.4 also qualifies. That means right now, seven fully electric vehicles qualify for the full $7,500 EV tax credit, with three more from Chevrolet coming for the 2024 model year (we would expect these 2024 models to roll out slowly and be difficult to find for at least the first few months they are on the market). In addition to those seven fully electric cars, two plug-in hybrids also qualify for the full $7,500 credit. To qualify, a vehicle must be assembled in North America and must meet a strict set of guidelines that cover where battery materials were sourced. If any battery materials come from certain countries (importantly including China), the vehicle's tax credit is automatically cut in half. Further, according to the IRS, the vehicle's manufacturer suggested retail price (MSRP) can't exceed $80,000 for vans, sport utility vehicles and pickup trucks or $55,000 for any other type of vehicle (basically meaning sedans). Electric vehicles that qualify for the full $7,500 EV tax credit: Cadillac Lyriq (2023-2024) Chevrolet Blazer EV (2024) Chevrolet Bolt EV (2023-2024) Chevrolet Bolt EUV (2023-2024) Chevrolet Equinox (2024) Chevrolet Silverado (2024) Ford F-150 Lightning — all models (2022-2023) Tesla Model 3 Performance (2022-2023) Tesla Model Y — all models (2022-2023) Volkswagen ID.4 — U.S.-built models (2022-2023) Plug-in hybrid cars that qualify for the full $7,500 EV tax credit: Chrysler Pacifica PHEV (2022-2023) Lincoln Aviator Grand Touring (2022-2023) A smaller credit is offered on fully electric cars and plug-in hybrids that are assembled in North America but have batteries with materials sourced from unqualified countries (mostly China).

Galpin-Fisker Rocket shows up topless in Monterey

The Rocket Coupe, introduced at the Los Angeles Auto Show last year, was a collaboration in reimagination carried out by designer Henrik Fisker and Galpin Auto Sports on a Ford Mustang. The next version of that concept has come to Pebble Beach in the metallic red form of the Rocket Speedster Concept you see here. In this guise the Mustang convertible gets a speedster tonneau cover that runs all the way to the front seat headrests, covering the back seats. As with the rest of the bodywork the cover is fashioned in carbon fiber, portions of it visible in places like the stripes running along the hood from the hexagonal grill to the tonneau, and the exposed carbon fiber air ducts that are mesh-filled to improve airflow through the cabin. And yes, it still has that nose. Underhood is a supercharged 5.0-liter V8 with 725 horsepower, all that cavalry brought to a stop by 15-inch Brembo Gran Turismo brakes up front tucked behind 21-inch custom wheels. Although it is labeled a concept, it too will go into limited production like its hardtop forebear. The press release below has the info, the gallery above has the goods. Related Video: GALPIN FORD AND HENRIK FISKER UNVEIL ROCKET SPEEDSTER CONCEPT AT 2015 PEBBLE BEACH CONCOURS D'ELEGANCE Acclaimed Automotive Designer and Visionary Customizer turn the Ultimate Mustang into a Stunning Speedster MONTEREY, Calif. (August 15, 2015) – Galpin Auto Sports and Henrik Fisker unveiled the latest iteration of the "Ultimate American Muscle Car" today at the 2015 Pebble Beach Concours d'Elegance; the 2015 Rocket Speedster Concept. Following a short drive onto the legendary Pebble Beach Concept Lawn, Henrik Fisker and Galpin Motors President, Beau Boeckmann introduced the convertible carbon fiber-bodied super-Mustang, intended for low-volume production. The car was featured as one of only a few special designer cars in front the Lodge at Pebble Beach. Featuring a fully integrated carbon fiber speedster cover that transforms the four-seat convertible into a two-seat speedster, this new edition Rocket maintains exceptional visual drama and performance with the top up or down. As with the Rocket Coupe, the Concept carries a carbon fiber hood feeding air into the supercharged 725-hp V8 engine through two sculpted air intakes, aiding the grill and front splitter in maintaining optimal cooling and aerodynamics. Constructed by GFMI Metalcrafters, Inc.