Ford Motor Co. (NYSE:F) has announced that it is idling some of its assembly plants this week due to the ongoing global semiconductor shortage.
The U.S. automaker said it will idle production at its Ohio Assembly Plant as well as the production line for the Transit van at its Kansas City Assembly Plant.
The Detroit-based automaker will also operate with reduced shifts at its Kentucky, Chicago and Dearborn, Michigan truck assembly plants.
Production at factories in Michigan, Chicago and in Mexico will also be suspended. In Kansas City, production of Ford’s F-150 pick-up truck will be idled while one shift will run for production of its Transit vans.
Ford also said that it is removing overtime at its Oakville, Ontario assembly plant effective immediately.
Ford shares have slumped in recent days after the automaker posted smaller-than-expected quarterly income and forecast a slower recovery in 2022 vehicle production. However, the company said it expects vehicle volume to improve significantly in the second half of this year.
Ford shares closed yesterday (February 15) at $18.08, down 17% year-to-date.
Related Stories
