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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...

Question of the Day: Most degraded car name?

When Ford came up with a not-so-sporty version of the Pinto and slapped Mustang badges on it in 1974, that was a low point for the Mustang name. When Chrysler applied the venerable Town & Country name on perfectly functional but unglamorous minivans, it saddened many of us. But perhaps the biggest demotion for a once-proud model came when, in 1988, General Motors imported a misery-enhancing Daewoo from Korea and called it the Pontiac LeMans. The original Pontiac LeMans was a great-looking midsize car with fairly advanced (for the time) suspension design and engine options including potent V8s and a screaming overhead-cam straight-six. The Daewoo-based Pontiac LeMans was a cramped, shoddy hooptie that served only to ruin the LeMans name forever, while stealing sales from the Suzuki-based Chevrolet Sprint. Sure, using the once-respected Monterey name on the Mercurized Ford Freestar was bad, but Mercury didn't have long to live at that point. I say the downward spiral of the LeMans name was the most agonizing in automotive history. What do you think? Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Auto News Ford Mercury Pontiac Automotive History Classics questions ford pinto names

Next SVT Mustang may axe Shelby name, go naturally aspirated

Following our first glimpse at the 2015 Ford Mustang out on the road, the fine folks at Road and Track have divulged some details on what the Blue Oval's next pony might have in store. We've already seen that the car will get some very sleek, Evos-inspired design cues, and an independent rear suspension is indeed in store. These new details, however, concern the muscle car's beating heart.
For starters, the base Ford coupe is expected to carry on with V6 power, likely from the same 3.7-liter unit found in today's car. From there, R&T says the next step up will be a four-cylinder EcoBoost engine, likely displacing 2.3 liters, putting out as much as 350 horsepower. Of course, a Mustang wouldn't be a Mustang without V8 thrust, and R&T states that the 5.0-liter Coyote V8 will continue on into the 2015 car, making something like 450 horsepower.
But it's at the high end of the Mustang range where things will, reportedly, get very, very interesting. Road & Track claims that the top-shelf 'Stang will likely lose the supercharger from its engine, producing a metric crap-ton of naturally aspirated grunt instead. Additionally, the SVT-fettled Mustang will likely be dropping its Shelby moniker, in favor of "a name you're familiar with," according to the magazine (you know, like, Cobra).