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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:

Plug In 2014: ALTe ready to join Ford's EQVM to convert, sell F-150 PHEV [w/video]

It's been a while since we've checked in with ALTe and its plans to convert big work vehicles like the Ford F-150 into plug-in hybrids. So, when we saw a demonstration vehicle sitting outside the San Jose Convention Center at the Plug In 2014 Conference last week, we had to get a closer look. When we did, we realized that it's been quite some time since we've been in a Ride & Drive vehicle that was all beat to heck. It's been quite some time since we've been in a Ride & Drive vehicle that was all beat to heck. The reason for the well-worn F-150 with 30,000 miles on it is that ALTe has been showing off its extended-range EV technology to lots of people all around the country, and Kyle Maki has been the man on the scene more often than not. "This one, I've taken all over the country," he told AutoblogGreen. "I've wore out that seat, I think. The only reason this one wasn't driven here was because we were in Charlotte [NC] last week and I didn't want to take a chance and not make it in time for this event." In other words, ALTe is out there, ginning up excitement for the idea of a plug-in hybrid Ford with an electric range of up to 40 miles and which can then continue on gas for another 360 miles at around about 25 miles per gallon. ALTe wants to not only convert new vehicles but it also offers retrofits for fleets that are happy with their current fleet. The company offers converted versions of the Ford E350 and E450 utility vehicles now but the near-mythical F-150 PHEV is still "coming soon." Yes, orders are now being accepted, but you will be forgiven if you think this is all happening on a slow time scale. There are simply a lot of things to do before ALTe can sell the truck. ALTe is currently attempting to join Ford's EQVM program, which is the electric version of the standard Qualified Vehicle Modifiers program. The QVM program requires coachbuilders to "be successfully evaluated by Ford Motor Company on criteria such as engineering, the manufacturing process, quality control, and adherence to Ford and Lincoln Divisions guidelines." Qualified applicants must also meet all applicable Federal Motor Vehicle Safety Standards, conform to Ford/Lincoln conversion guidelines and agree to be inspected annually as well as have a "commitment to continuous improvement." Maki has a simpler explanation. "It basically means you're a preferred supplier, a Tier 1, if you will," he said.

Ford to hack $4k off price of Focus EV amid slow sales

Between slow sales and a hefty price drop for its nearest rival, the Ford Focus Electric may be looking at a pretty substantial price cut. The Detroit News is reporting that Ford will drop the price of the all-electric by about $4,000 to $35,200 to be more competitive with the Nissan Leaf, which received a big price cut for 2013 down to $28,800.
Ford has already admitted to having low expectations for the car's sales and massive rebates were reported earlier in the year, but there is still no official word from Ford on this matter. The company's consumer site still lists the 2014 model's starting price as $39,200. In addition to the Leaf, the Focus Electric will also have to deal with the lower prices of smaller EVs including the Honda Fit EV, Fiat 500e and the Chevrolet Spark EV.