: Ford to halt Mustang production at Michigan plant for a week due to chip shortage

0
64

Ford Motor Co. will pause production next week at a Michigan plant that produces Mustangs due to the ongoing chip shortage.

“The global semiconductor shortage continues to affect Ford’s North American plants,” the auto maker said in a statement Thursday. “Behind the scenes, we have teams working on how to maximize production, with a continued commitment to building every high-demand vehicle for our customers with the quality they expect. All of our North American plants will run the week of April 4, except Flat Rock Assembly Plant.”

The Flat Rock, Mich., facility started producing the 2022 Ford Mustang in January, but production has been halted multiple times this year due to supply-chain constraints. Ford plants in Ohio and Kentucky have also halted production at times this year.

General Motors Co. GM, -3.27% will also shut a Lansing, Mich., production facility next week due to a parts shortage not related to chips, according to a report Thursday by Automotive News.

In February, Ford warned in its fourth-quarter earnings report that its production would likely see a “low double-digit net decline in the first quarter,” citing “persistent supply-chain disruptions.” Still, Ford said it expected 10% to 15% full-year wholesale gains in 2022.

Ford shares F, -2.08% fell 2% Thursday and are down nearly 19% year to date, but are up 39% over the past year, compared to the S&P 500’s SPX, -1.57% 5% decline in 2022 and 13% gain over the past 12 months.

This article was originally published by Marketwatch.com. Read the original article here.

Previous articleBiden will release more oil from Strategic Petroleum Reserve, White House says
Next articleBiden to invoke Defense Production Act for minerals for EV batteries, White House says

LEAVE A REPLY

Please enter your comment!
Please enter your name here