plus 4, Toyota Plans To Sell 8.27M Vehicles In 2010 - WFMZ-TV Online

Toyota Plans To Sell 8.27M Vehicles In 2010 - WFMZ-TV Online
Ford investing $400 mln for new Explorer - CNN Money
UPDATE 1-Ford investing $400 mln for new Explorer - Reuters
Ford to Increase Production on the South Side - Chicagoist
US Steel reports 4Q loss; sees another coming - Fresno Bee

Toyota Plans To Sell 8.27M Vehicles In 2010 - WFMZ-TV Online

Posted: 26 Jan 2010 07:05 AM PST

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Ford investing $400 mln for new Explorer - CNN Money

Posted: 26 Jan 2010 07:34 AM PST

* Next version of Explorer slated for Chicago Assembly

* Ford adding 1,200 jobs at assembly, stamping plants

* Investment totals $400 million

* Ford shares up nearly 3 pct in morning trade

CHICAGO (Reuters) - Ford Motor Co will invest nearly $400 million to build a new version of the Ford Explorer SUV in Chicago starting in late 2010, adding 1,200 jobs to area assembly and stamping plants, the automaker said Tuesday.

The automaker plans to add a second production shift at its Chicago assembly plant and increase production at a stamping plant in nearby Chicago Heights for the Explorer, which currently is produced at a plant in Kentucky.

The United Auto Workers expects nearly all of the hires to come from within its current membership based on seniority, UAW Vice President Bob King told Reuters Tuesday in a short interview at the plant.

Production of the new Explorer SUV is expected to begin in the fourth quarter of 2010. The investment includes about $180 million for manufacturing at the Chicago-area plants and $220 million for launch and engineering costs, Ford said.

Ford already builds the Ford Taurus and Lincoln MKS sedans at the Chicago plant, which currently has about 1,200 workers represented by the UAW on one shift. The plant had about 2,300 workers before it went to a single shift in summer 2008.

The stamping plant currently has 700 employees on two shifts, Ford said.

The Chicago plant, which opened in 1924, was one of five in the United States promised a new vehicle program in February when UAW workers approved a cost-cutting agreement with Ford.

The new Explorer is planned as a unibody construction with six-speed transmissions and EcoBoost engines that would provide a 25 percent improvement in fuel economy over the current models, Ford said.

The Explorer was once a profit driver for Ford during the SUV boom of a decade ago and remains a key part of its lineup. Sales peaked at more than 445,000 in 2000 and averaged about 412,000 per year from 1995 through 2003.

In 2009, sales fell 35 percent from the previous year to 52,190.

Ford has been building the current version of the Explorer at its Louisville assembly plant in Kentucky, one of three truck plants being converted to produce smaller vehicles under the automaker's broad restructuring plans.

Ford has not announced specific vehicle production plans for Louisville, but has said they will be based on its global "C" platform that underpins the automaker's new versions of the Focus compact car that will be produced in Michigan.

The announcement comes two days before Ford releases its fourth-quarter and full 2009 earnings results and at a time when it has been gaining both market share and critical raves for improvements to its product line.

The only large U.S. automaker not to reorganize under a government-managed bankruptcy, Ford has said it expects to be solidly profitable in 2011. However, many analysts believe Ford will be profitable in 2010 and Ford is expected to update its outlook Thursday.

Ford shares were up 30 cents or 2.7 percent at $11.33 Tuesday on the New York Stock Exchange. (Reporting by Rick Popely in Chicago and David Bailey in Detroit, editing by Matthew Lewis)

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UPDATE 1-Ford investing $400 mln for new Explorer - Reuters

Posted: 26 Jan 2010 07:34 AM PST

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Ford to Increase Production on the South Side - Chicagoist

Posted: 26 Jan 2010 07:48 AM PST

Ford Motor Company is expected to announce today that it will add a second shift at its Torrence Ave plant, on Chicago's South side. The auto manufacturer will shift production of the redesigned Ford Explorer from Louisville, Kentucky to Chicago, adding some 1,200 jobs to the under-utilized assembly plant. That likely means adding a second shift to production at the plant, as well as increased work at the Chicago Heights stamping plant. The downsized and more fuel-efficient SUV is expected to be on the market by this year's fourth quarter. Auto industry experts say the new redesigned Explorer, which will be built on a car platform, and getting 20 to 25 percent better gas mileage than it's predecessor, which was built on a truck platform. John Wolkonowicz, an analyst with IHS Global Insight said that the new Explorer will be a "high-volume, high-profit, car-based crossover."

Governor Pat Quinn, who is running for re-election in a close primary race, will be on hand at the announcement, as the move to Chicago was precipitated by tax breaks authorized by Quinn. The Wall Street Journal is reporting that Ford will spend almost $400 million to bring the plant online for production of the vehicle. The Torrence Ave plant makes the new Ford Taurus and the Lincoln MKS. The new Taurus is selling better than previous models. Ford CEO Alan Mulally has said that he expects the automaker to be profitable in 2011, although some Wall Street analysts expect the company to report a profit this quarter. The Louisville plant will be retooled for production of the new Ford Focus.

If you've ever wondered what the South side assembly line looks like, check out our trip to the factory last year!

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US Steel reports 4Q loss; sees another coming - Fresno Bee

Posted: 26 Jan 2010 06:58 AM PST

Revenue declined 26 percent to $3.35 billion, from $4.5 billion in the prior-year period.

Analysts surveyed by Thomson Reuters had predicted a loss of $1.43 a share on revenue of $3.1 billion.

Steel companies saw demand evaporate during the recession and the housing crisis when consumers stopped buying cars, homes and appliances. Though there were improvements as 2009 came to a close, U.S. Steel expects first-quarter operating loss "in line" with the fourth quarter.

Automotive, service center, converter and appliance customer order rates in North America and Europe are near their highest levels in the last twelve months, Surma said, while construction demand in North America remains soft.

"A gradually strengthening economy should result in improvements in real demand, while apparent demand will likely be positively influenced by the restocking of the manufacturing supply chain, which we believe is under way," Surma said.

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