With an earnings miss for 2022, the layoffs will have to begin before end of Q1 to impact 2023 earnings.
“While stronger year-over-year results from the firm’s Automotive segment bode well, poor performances from Ford Credit and Mobility units are likely to have played spoilsports. Further, massive spending on modernization, including connectivity, IT and new product launches, are expected to have limited earnings to some extent.”
Ford Credit exists to support specific Ford products sales and services such as approval of very marginal credit risks to support sales of highly profitable F150's. In addition helping some marginal Ford dealers remain in business and support minority dealers establishment. Never intended to be lowest rate in town. Where does Credit obtain funds to make loans? on the open market based on mothership credit rating. No deposits to take in and then lend out like a bank. Rate shopping? Ya better go to CU or hope Credit has low APR program back by mothership
Ford credit doesn’t have competitive rates because it has to borrow against Ford motor company junk rating
Credit should be taking it in. It'll be interesting to see how they explain that.
@1hby - You mean this mess isn't because of WFH as I was told ? [sarcasm intended]
Mobility ventures at Ford continue to be epic fails. SPIN, Chariot, FordBikes, AV Llc, Argo, TransLoc, etc etc etc - terminate FLV and his incompetent Directors immediately. FordNext is a fail, investors are well aware as does JF. With all the ' talk ' of EV transformation, financial resources would be better spent on EV engineering and dev.
LOL, bring that up at the GTH, better yet announce the ' special assignments ' for FLV, CM, RM and the rest of the liabilities.
I can't understand why Credit doesn't offer competitive loans to employees. DFCU offers better rates.