In brief: The ongoing chip shortage continues to affect vehicle production at manufacturing facilities around the globe. Some experts believe the shortage will ease up later this year, but that's doing little to help the situation at the moment.
A spokesperson for Ford Motor recently told Reuters that it plans to suspend or cut production at eight of its facilities in the US, Canada and Mexico through this week due to chip supply constraints. A day earlier, the company said the chip shortage would result in decreased production output in the current quarter.
Production at Ford plants in Chicago, Michigan and Cuautitlán, Mexico, will be suspended, the spokesperson said. Production of F-150 pickups in Kansas City will be idled while one shift will stay on to make its Transit vans.
Ford is also planning single shifts or reduced schedules at facilities in Dearborn, Kentucky and Louisville, and will be eliminating overtime at its Oakville plant in Canada.
The spokesperson said all changes will go into effect starting the week of February 7.
Share value in Ford dipped after markets closed last Thursday after having come up short in earnings compared to what Wall Street was expecting. Still, the automaker is bullish on 2022, and expects to earn between $11.5 billion and $12.5 billion in adjusted pretax profits this year, an increase of 15 percent to 25 percent compared to last year. Its new Ford Lightning pickup is off to a great start as demand continues to soar.