Ford, GM, Fiat Chrysler eyeing May 18 reopening date
Automakers Ford, General Motors and Fiat Chrysler plan to restart production amid coronavirus May 18. FOX Business’ Ashley Webster with more.
Ford Motor Co. has delayed the launch of its commercial self-driving vehicle service to 2022.
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The Dearborn, Michigan-based automaker said its “mobility” segment – which includes the autonomous vehicle program – operated at a $368 million loss for the quarter, contributing to a $2 billion overall loss, during an earnings call Tuesday.
The company logo at a Ford dealership in Littleton, Colo. (AP Photo/David Zalubowski, File) FORD POSTS $2B LOSS DUE TO CORONAVIRUS Ford said the loss in mobility was expected as it continues to invest in the technology and business model. Volkswagen has joined Ford in the endeavor, and VW’s investment in the Ford-backed Argo AI, its partner on the autonomous vehicle development, is “on track,” according to Ford’s investor presentation. The service had previously been planned to launch in 2021. FORD, GM INVEST BILLIONS IN SELF-DRIVING CARS The company’s leadership pointed to the coronavirus pandemic for slowing sales in the quarter, but COO Jim Farley said Ford was working to assess how it could end up shifting consumer behavior, even after the pandemic is over. Changes could include those autonomous services, as well as “zero-touch” delivery Ford began offering in China amid the pandemic. “We believe this pandemic could affect how our customers live and work for many years going forward,” Farley said. The investment could end up giving Ford a big payoff. Last year, Farley spoke about alternative revenue streams Ford was investigating in order to monetize time passengers spend in its future self-driving vehicles, saying they could account for as much as 95 percent of the revenue from the vehicles. CLICK HERE TO READ MORE ON FOX BUSINESS Source: Read Full Article
Ticker Security Last Change Change % F FORD MOTOR COMPANY 5.38 +0.21 +4.06%