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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.

Jaguar Land Rover opens new $1.6 billion factory in Slovakia

BRATISLAVA, Slovakia — Jaguar Land Rover is opening a new, $1.6 billion plant in Slovakia, the luxury car maker's first in continental Europe. The U.K.-based company, owned by India's Tata Motors, built the plant near Nitra, about 65 miles east of Bratislava, to initially produce 150,000 cars a year. The Slovak government is giving the carmaker investment subsidies of up to 130 million euros ($148 million). Slovakia is a regional car-making powerhouse. Germany's Volkswagen AG, France's PSA Peugeot Citroen and South Korea's Kia Motors all have a major plant in this Central European country of 5.4 million people. The company said it will shift all production of its Discovery model from Birmingham, England, to Slovakia amid falling diesel sales, vehicle taxes and uncertainty about Britain's Brexit departure from the European Union.Related Video:

Land Rover to build Discovery Sport at new Brazilian factory

Looking forward to getting your mitts on a new Land Rover Discovery Sport? Well you should, because it promises to be a markedly better product than the Freelander/LR2 it replaces. Just don't assume it will necessarily be built in the UK, as just about every Land Rover has in the company's 66-year history. The new Discovery Sport (pictured above in Sao Paulo) will, of course, be built in the UK, at the Halewood plant where the Evoque is made and which has in the past handled the Freelander, the Jaguar X-Type and a variety of Fords. But it will also be assembled for local consumption at JLR's new factory in Changsu, China. And, according to the press release down below, it will also be made for the Latin American market at the new factory being built in Brazil. The new plant is being built in Itatiaia on the outskirts of Rio de Janeiro and will come online in 2016. Once it gets up to speed by the end of 2020, it will have the capacity to build 24,000 vehicles each year, ratcheting its workforce up from 400 when it opens to nearly 1,000 when all's said and done. The Discovery Sport will be one of the products made there for the local market, but it surely won't be the only one. As in China, we expect the Evoque will be built there as well, and we wouldn't be surprised to see the new Jaguar XE join it in the near future, either. Don't expect the Brazilian-made vehicles to be sold in the US, though: those will likely still be imported from the UK... at least, that is, until the facility said to be under consideration for the southern United States opens its doors. JAGUAR LAND ROVER CONFIRMS ITS ALL-NEW DISCOVERY SPORT FOR BRAZIL FACILITY - Jaguar Land Rover confirms Discovery Sport as one of the models to be produced at its new local manufacturing facility in Brazil - R$750m investment in the new facility in Itatiaia in the State of Rio de Janeiro - Annual production capacity of 24,000 units for the Brazilian market only – from 2016 Sao Paulo, Brazil – Jaguar Land Rover confirmed today, at the Sao Paulo International Motor Show, that its breakthrough Land Rover Discovery Sport will be one of the first models to be built at its new R$750m (GBP240m) local manufacturing facility in Itatiaia, Brazil. The new factory, which will see a total investment of R$750m (GBP240m) by the end of 2020, will supplement UK production and have the capacity to build 24,000 vehicles annually for the Brazilian market.