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Jim Hackett says metal tariffs costing Ford $1 billion in profits

Ford CEO Jim Hackett divulged in an interview with Bloomberg that the Trump administration's tariffs on metals imported from the European Union, Canada and Mexico have affected the automaker's balance sheet, adding that trade disputes need a quick resolution. "From Ford's perspective, the metals tariffs took about $1 billion in profit from us," Hackett told the outlet. "The irony is we source most of that in the U.S. today anyways. We're in a good place right now, but if it goes on longer there will be more damage." Hackett did not specify what period the $1 billion covered, but a Ford spokesman said the CEO was referring to internal forecasts at Ford for higher tariff-related costs in 2018 and 2019. President Trump in March announced his intention to enact 25 percent tariffs on steel imports and 10 percent on imported aluminum from the three trade zones as a way to protect the U.S. steel industry. The move sent U.S. automakers' stock prices plunging at a time when they were coming off weak monthly sales reports. Separately, President Trump has targeted China with two rounds of tariffs targeting a combined $260 billion worth of imports. China has responded by enacting 25-percent tariffs on U.S. goods including vehicle imports. In the interview, Hackett said that has hurt demand for Lincoln, which has found a growing market for its luxury vehicles in China, and made the price of the Lincoln MKC less attractive to Chinese buyers. The MKC is built at the company's Louisville, Ky. assembly plant. "We've had to move people in that factory to other operations because of that trade problem," he said. It's not clear what those moves entail or how many workers were involved. Autoblog sought comment from a Ford spokeswoman and will update this story if we hear back. Ford last month announced it was scrapping plans to import the Focus Active small crossover to the U.S. from China because of the new 25-percent tariffs on Chinese imports. Material from Reuters was used in this report Related Video:

Ford CEO Jim Hackett reviewing the future of technology, Lincoln, overseas markets

By Paul Lienert and Joseph White Ford Chief Executive Jim Hackett is reviewing the automaker's operations in India and other markets, as well as Ford's future product programs including plans to build a self-driving commercial vehicle in 2021. Hackett, who took over as CEO in May, has told investors he is working on a 100-day review of Ford's operations but has so far provided few details of the process, except to indicate that it is looking at the automakers' luxury vehicle strategy, the future of its small vehicles and investments in emerging markets. Ford Chief Financial Officer Bob Shanks told Reuters in an interview that the review covers a range of issues, including Ford's strategy for India. "We have a lot of work to do (as) we address issues of how to fix India," Shanks said. "Everything is on the table." General Motors in May said it would stop selling cars in India but continue to produce vehicles there for export. Shanks said no decisions have been made and noted that Ford has a larger business in India than GM did. "We are very cognizant that will be the third-largest market in the world," he said. "Some big decisions will be made," Shanks said, but he cautioned Ford may not disclose all those decisions at the end of the 100-day review. Hackett is addressing challenges that have contributed to a nearly 8 percent decline in Ford's share price this year. The review of the Lincoln luxury brand includes whether current plans will meet former CEO Mark Fields' ambitious targets for growth and revenue, people familiar with the process said. Ford has set a target of putting a self-driving shuttle into commercial ride-sharing fleets by 2021. Hackett is reviewing the investment and timing for that project, the sources said. Hackett also assessing whether to reduce and consolidate production of models such as the Fiesta subcompact and two midsized sedans that are built in multiple locations around the world, but are experiencing slowing demand. One proposal would shift production of the next-generation Mondeo midsized sedan from Europe to Mexico, where it would share an assembly line with its sibling, the Ford Fusion, avoiding the cost of retooling two plants. Shortly after he took charge, Hackett approved a proposal to shift production of the next-generation Focus for North America from Mexico to China, saving the company an estimated $500 million by consolidating two factories into one.

2018 Lincoln Navigator Review | 900 miles in mid-century opulence

PORTLAND, Ore. — Driving the 2019 Lincoln Navigator on my usual 80-mile evaluation route just wouldn't be sufficient. The quick jaunt through downtown Portland and out into wooded mountain roads couldn't possibly do justice to a vehicle intended for the literal long haul. All those seats; all that cargo space; all that comfort and opulence. What the Navigator needed was a road trip, so I took two of them — within five days, over 900 miles and a grand total of 20 hours and 17 minutes in the 24-way power-adjustable, massaging, ventilated saddle. The first journey would be from Portland down to Bend, Ore., and then working my way gradually back through central Oregon backroads. This included winding two-lane highways where the Navigator's excellent adaptive cruise control system maintained its distance (and my sanity) when stuck behind parades of Outbacks, before the 450-horsepower EcoBoost V6 of Raptor fame could dispatch them from across the dotted yellow line. Enough really can't be said about how masterful this engine is — so smooth, so powerful and so quiet. It's perfect for a Lincoln. It also got 20 mpg over the course of the full 900 miles, which compares to the EPA's 21 mpg highway rating. Pretty good given the mountainous terrain and the liberal throttle applied to keep up with a pair of substantially sportier cars I was trailing as part of a photo shoot. Not that the Navigator was really able to keep up with anything once the road got tighter and twistier through the lava fields of the Willamette National Forest. Though I still concur with my initial praise of the Navigator's independent rear suspension and steering that "provides consistent, appropriate and reassuring weighting," there's no getting around the laws of physics. This is a gigantic land craft pushing three tons that's best kept at a relaxed pace – also perfect for a Lincoln. As for the ride, which disappointed during my Navigator first drive in Southern California, the "omnipresent nervousness" I reported didn't really materialize on better pavement in Oregon and later in Washington. True, it's not quite as supple as a unibody Range Rover or Mercedes GLS would be, but it doesn't suffer from the near constant vibration over even the smallest bumps you get in a Chevy Suburban or GMC Yukon XL. On the subject of comfort, though, those 24-way front seats can't be ignored.