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  4. Ford delays Spanish investments, citing 'revised outlook for Europe'
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Ford delays Spanish investments, citing 'revised outlook for Europe'

By Joan Faus BARCELONA (Reuters) -Ford said on Wednesday it is delaying its production investments in Spain, citing a "revised outlook for Europe" but said it remained committed...
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Ford delays Spanish investments, citing 'revised outlook for Europe' © Reuters. FILE PHOTO: Ford cars are on sale at a dealership of Genser company in Moscow, Russia, February 14, 2017. REUTERS/Maxim Shemetov

By Joan Faus

BARCELONA (Reuters) -Ford said on Wednesday it is delaying its production investments in Spain, citing a "revised outlook for Europe" but said it remained committed to its plant in Valencia, where it announced plans in June to produce electric vehicles (EVs).

The U.S. carmaker said in a statement it will not ask for a share of Spain's EU pandemic relief funds to invest in the roll-out of EVs by June 2025, but said it will work with local authorities to identify other potential public funding as it moves to an all-electric fleet of passenger vehicles by 2030.

Ford did not give further details on its revised outlook for Europe. It said earlier this week it will cut a total of 3,000 salaried and contract jobs, mostly in North America and India.

No jobs will be cut at its plant in Valencia for now, a Ford Spain spokesperson said, although the carmaker has long said there will be some restructuring of its workforce as electric cars require fewer labour hours to assemble.

Both UGT union and Spain's Industry Ministry played down the investment delay, noting that it does not affect Ford's plan to produce EVs in Spain.

"The Spanish government maintains its commitment to support Ford in its current and future investments in Spain," the Industry Ministry said in a statement.

Ford had applied in May for Spain's EU pandemic relief funds and had been allocated 106 million euros in a first provisional allotment, but withdrew its application on Tuesday ahead of a deadline for potential changes, the Ministry said.

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01-05-2024 10:45:17 (UTC+7)

EUR/USD

1.0658

-0.0008 (-0.07%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

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EUR/USD

1.0658

-0.0008 (-0.07%)

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↑ Sell

Moving Avg:

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GBP/USD

1.2475

-0.0015 (-0.12%)

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Moving Avg:

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Sell (10)

USD/JPY

157.91

+0.12 (+0.07%)

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↑ Buy

Moving Avg:

Buy (12)

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Buy (9)

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AUD/USD

0.6469

-0.0003 (-0.05%)

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Neutral

Moving Avg:

Buy (10)

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USD/CAD

1.3780

+0.0003 (+0.03%)

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EUR/JPY

168.32

+0.10 (+0.06%)

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EUR/CHF

0.9808

+0.0001 (+0.01%)

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Gold Futures

2,295.80

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Silver Futures

26.677

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Copper Futures

4.5305

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Crude Oil WTI Futures

81.14

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Brent Oil Futures

85.62

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US Coffee C Futures

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Euro Stoxx 50

4,920.55

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S&P 500

5,035.69

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DAX

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FTSE 100

8,144.13

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226.40

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    EUR/USD 1.0658 ↑ Sell  
    GBP/USD 1.2475 ↑ Sell  
    USD/JPY 157.91 ↑ Buy  
    AUD/USD 0.6469 Neutral  
    USD/CAD 1.3780 ↑ Buy  
    EUR/JPY 168.32 ↑ Buy  
    EUR/CHF 0.9808 Neutral  
    Gold 2,295.80 ↑ Sell  
    Silver 26.677 ↑ Sell  
    Copper 4.5305 ↑ Buy  
    Crude Oil WTI 81.14 ↑ Sell  
    Brent Oil 85.62 ↑ Sell  
    Natural Gas 1.946 ↑ Sell  
    US Coffee C 213.73 ↑ Sell  
    Euro Stoxx 50 4,920.55 ↑ Sell  
    S&P 500 5,035.69 ↑ Sell  
    DAX 17,921.95 ↑ Sell  
    FTSE 100 8,144.13 Sell  
    Hang Seng 17,763.03 ↑ Sell  
    Small Cap 2000 1,973.05 ↑ Sell  
    IBEX 35 10,854.40 Neutral  
    BASF 49.155 ↑ Sell  
    Bayer 27.35 ↑ Sell  
    Allianz 266.60 ↑ Sell  
    Adidas 226.40 ↑ Sell  
    Lufthansa 6.714 Neutral  
    Siemens AG 175.90 ↑ Sell  
    Deutsche Bank AG 15.010 Neutral  
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