Ford Extends North American Plant Closures, Preps Ventilator Production Plans With UAW Volunteers

Ford said it hopes to build 50,000 FDA-cleared ventilators by July 4 with paid volunteers from the UAW.
By Martin Baccardax , |

Ford Motor Co.  (F) - Get Report said Tuesday that it will delay re-opening some of its north American production facilities to protect employees from the coronavirus pandemic. 

The second-largest U.S. carmaker said plants that had been scheduled to restart on April 6 and April 14 will continue to be shuttered until a date "which will be announced later" but noted that it will begin making FDA-approved ventilators at its Rawsonville Components Plant in Ypsilanti, Michigan , on April 20. Around 500 paid volunteer UAW workers will help make the ventilators, Ford said, with the aim of producing at least 50,000 by July 4 and the help of GE Healthcare  (GE) - Get Report

“The health and safety of our workforce, dealers, customers, partners and communities remains our highest priority,” said Ford north American president Kumar Galhotra. “We are working very closely with union leaders – especially at the UAW – to develop additional health and safety procedures aimed at helping keep our workforce safe and healthy.”

Ford shares were marked 1.8% higher in pre-market trading Tuesday to indicate an opening bell price of $5.12 each. 

That move, however, would still leave the stock some 44% lower than its early February levels as investors re-price automakers around the world in anticipation of a sharp decline in sales in the wake of the coronavirus outbreak.

Ford and its domestic rival, Fiat Chrysler  (FCAU) - Get Report, will report first quarter sales Thursday, a day after larger carmakers General Motors Co  (GM) - Get Report and Toyota Motor Co.  (TM) - Get Report

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