Ford Says It Will Resume Production in Europe on Monday

Ford, GM and Chrysler also are targeting May 18 as the date to resume U.S. production.
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Ford Motor  (F) - Get Report shares rose Tuesday after the Big Three automaker announced it was resuming production in Europe May 4.

The Wall Street Journal reported earlier that the Big Three were targeting a May 18 date for resuming production in the U.S. Ford, General Motors  (GM) - Get Report and Fiat Chrysler Automobiles  (FCAU) - Get Report shuttered their U.S. plants in March.

As for Europe, Ford will “restart initial production at most of its main continental European vehicle and engine plants from May 4,” the company said in a statement.

“Manufacturing will resume in a phased approach at Saarlouis Vehicle Assembly Operations and Cologne Assembly Operations and Engine Plant in Germany; Valencia Vehicle Assembly Operations in Spain; and Craiova Vehicle Assembly Operations and Engine Plant in Romania," the automaker said.

Production will resume at Valencia Engine Plant in Spain May 18, while the resumption date for Ford’s Dagenham and Bridgend Engine Plants in the United Kingdom will be confirmed at a later date, Ford said.

“We need to prepare for a new environment once we are past the initial peak of the coronavirus pandemic in Europe, with the key priority in our ‘return to work’ plan being the implementation of Ford’s global standards on social distancing and strengthened health and safety protocols in the workplace,” said Stuart Rowley, president of Ford Europe.

“Our employees need to know that we are taking the appropriate steps to safeguard their well-being at work,” he said.

Earnings from Ford are expected after the markets close on Tuesday.

Ford shares recently traded at $5.45, up 5.32%. The stock has dropped 38.7% in the last three months, compared to a 10.5% slide for the S&P 500.