Core Points - Ford Motor is recalling over 148,000 vehicles in the US due to safety concerns related to braking performance and powertrain control issues [1][3] Group 1: Recall Details - The first recall involves 123,611 vehicles, specifically certain 2017–18 Ford F-150, Expedition, and Lincoln Navigator models, due to a fluid leak that may reduce braking performance and increase stopping distance [1][4] - The second recall affects 24,655 of the 2025 Explorer vehicles, where a powertrain control module (PCM) may reset while driving, potentially damaging the vehicle's park system or causing an engine stall [3] Group 2: Dealer Actions - Dealers are expected to replace affected parts such as the master cylinder or brake booster free of charge for the first recall [2] - For the second recall, dealers will fix the software issue at no cost, with owners being notified by May 26 [3]

Core Viewpoint - Ford Motor Company is preparing to increase vehicle prices starting with models produced in May 2025 if President Trump does not implement the suggested tariff relief for automakers [1][2]. Pricing Adjustments - Ford anticipates needing to adjust vehicle pricing unless there is a significant change in Trump's tariff policy, with changes applying to vehicles built in May, which will reach U.S. dealerships in late June or early July [2][3]. - Vehicles already in inventory will not see any price changes [2]. Tariff Implications - This warning indicates that automakers may pass on increased costs due to Trump's 25% tariffs on imported vehicles, especially as Trump considers a temporary break from these tariffs [3][4]. - Ford is still assessing the full impact of Trump's trade policies but expects some tariffs to remain in place for the foreseeable future [4]. Production and Cost Structure - Ford manufactures 80% of its vehicles sold in the U.S. at domestic plants, but many budget-friendly models are produced in Mexico [5]. - The company has faced significant losses in its EV business, with losses of $4.7 billion in 2023 and widening to $5.07 billion in 2024, expecting segmental losses of $5-$5.5 billion in 2025 [6]. Financial Performance - Ford's full-year adjusted EBIT is forecasted between $7 billion and $8.5 billion, down from $10.2 billion in 2024 [6]. - The Zacks Consensus Estimate for Ford's 2025 sales and earnings indicates a year-over-year decline of 5.12% and 27.17%, respectively [11]. Stock Performance - Ford shares have lost 22.1% in the past year, underperforming the Zacks Auto, Tires and Trucks sector's decline of 4.3% and the Zacks Automotive - Domestic industry's growth of 14.1% [10]. - The stock currently carries a Zacks Rank 5 (Strong Sell) [13].

美国国家公路交通安全管理局（NHTSA）： 福特汽车公司正在美国召回24,655辆汽车，因为当车辆置 于停车档（P档）且未拉起手刹时，损坏的驻车系统可能导致车辆溜车。行驶中发动机熄火可能导致突 然失去驱动力。这两种情况中的任何一种都会增加发生碰撞的风险。 ...

Group 1 - Ford Motor may raise prices on new vehicles if President Trump's auto tariffs continue, as indicated in a memo sent to dealers [1] - The automaker has initiated deep discounts across its lineup, which will continue until June 2, but pricing on new models produced in May and beyond may change [1][4] - Ford's executive noted that if tariffs remain unchanged, vehicle pricing adjustments are anticipated, particularly for May production [5] Group 2 - Ford will not increase the sticker price on any vehicle currently in inventory at Ford and Lincoln dealers [6] - An analysis revealed that Trump's 25% tariffs on automotive imports, implemented on April 3, will escalate costs for U.S. automakers by about $108 billion in 2025 [6] - Ford is well-positioned to handle tariffs, producing about 80% of its U.S.-sold vehicles domestically [6][8] Group 3 - The tariff situation is dynamic, and Ford is continuously evaluating the potential impact of tariff actions [2] - Both U.S. and foreign automakers are offering price assurances and substantial discounts to alleviate consumer concerns about tariffs inflating costs [4] - Earlier discussions suggested that Trump might consider modifications to the auto-related tariffs, including potential exemptions [7]

撰 文 / 钱亚光 设 计 / 赵昊然 4月15日，Stellantis集团批准了对前首席执行官唐唯实（Carlos Tavares）的 2309万欧元（约合2616 万美元）薪酬方案，他于2024年12月离开了这家汽车制造商。 之前，投资者们对唐唯实的2024年薪酬方案提出了反对意见。该方案包含他的薪资以及他在2025年 还将获得的1.2亿欧元的离职补偿金和里程碑奖金。 在唐唯实任 职期间，美国市场需求下滑，欧洲车型研发延迟，并且还与政界人士、经销商以及工 会发生了冲突。在年度股东大会上，股东们以66%对 33%的比例投票支持唐唯实的薪酬方案。 技术变革、国家间的冲突以及消费者的消费行为等因素，都未能改变汽车行业依然是全球最赚钱的 行业之一。尽管这一行业的首席执行官薪酬因人而异，但标准是统一的：那些能够引领行业巨头走 向新高度，并凭借出色财务表现创下新纪录的领导者们。 这种薪酬方案所产生的财务影响体现在面对新需求和全球挑战时的持续适应方面。不断增长的压力 促使汽车制造商在可持续性、创新和竞争力方面做出努力，从而加大了对新技术的投资，并在生产 多样性方面投入大量资金。通过观察该领域薪酬最高的首席执行官的工资水 ...

Core Viewpoint - Ford Motor Company's stock has experienced a significant decline of nearly 26% over the past year, resulting in a high dividend yield of 6.5% based on its recent closing price of $9.14 per share, which could increase to 8.2% when including a special dividend of $0.15 per share [1][2]. Dividend Yield and Investment Potential - The current dividend yield of 6.5% is substantial for a cyclical stock, allowing income investors to potentially earn $500 annually by investing approximately $7,623 to purchase 834 shares at the April 11 closing price [2]. - If Ford issues another special dividend, the annual dividend income could exceed $500, as the company has previously paid supplemental dividends of $0.15, $0.18, and $0.65 per share in the last three years [3]. Dividend Safety Concerns - Ford's projected adjusted free cash flow (FCF) for 2025 is estimated to be between $3.5 billion and $4.5 billion, a decrease from $6.7 billion the previous year, raising concerns about the sustainability of its dividend payout, which is targeted at 40% to 50% of FCF [4]. - Given the potential shortfall in FCF to cover the annualized dividend of $0.60 per share, there is a possibility that Ford may need to temporarily cut its dividend to manage financial pressures, although immediate action may not be taken [4]. Cost Management Strategies - Despite the challenges posed by tariffs and trade tensions, Ford manufactures 80% of its vehicles in the U.S. and maintains a significant cash reserve, which may allow the company to defer some growth expenditures and preserve cash for dividend payments [5].

Core Viewpoint - Ford is experiencing significant challenges in the market, with a stock decline of approximately 24% over the past year, while its competitors show mixed performance [1][2]. Financial Performance - Ford's stock closed at $9.33, nearing its 52-week low of $8.44 [1]. - The company's Model e division, focused on electric vehicles (EVs), reported losses widening to $5.07 billion in 2024 from $4.7 billion in 2023, with expectations of a deeper loss of $5-5.5 billion for the full year [10]. - Ford's Ford Blue division is also under pressure, projecting EBIT of $3.5-4 billion in 2025, down from $5.3 billion in 2024 [11]. - The adjusted EBIT for the full year is expected to be between $7 billion and $8.5 billion, a decrease from $10.2 billion in 2024 [14]. - The first-quarter 2025 adjusted EBIT is anticipated to break even, a significant drop from $2.7 billion in Q1 2024 [15]. Market Position and Valuation - Ford's current valuation appears low, with a 12-month forward sales multiple of 0.23, compared to General Motors at 0.24 and Stellantis at 0.15 [7]. - The stock is trading below its 50 and 200-day simple moving averages (SMA), indicating a bearish trend [5]. Tariff Impact - Trump's proposed 25% tariffs on imports from Mexico and Canada are expected to disrupt supply chains and increase costs, potentially harming demand and profits [12][13]. - Ford manufactures about 82% of its vehicles domestically, but only one-third of those are made with domestic parts, making it vulnerable to rising component costs [13]. Dividend Outlook - Ford's high dividend yield of over 6% is attractive, but ongoing tariff pressures may force a reassessment of its dividend policy [16][18]. - The company has a strong liquidity position with $28 billion in cash and $47 billion in total liquidity at the end of 2024, providing a buffer against immediate financial pressures [17]. Future Estimates - The Zacks Consensus Estimate for Ford's 2025 sales and EPS indicates declines of 5% and 27%, respectively, with EPS estimates trending downward over the past 60 days [19][20]. - The company is currently ranked 4 (Sell) by Zacks, indicating a cautious outlook for investors [21].

Detroit automakers can run but they can't hide from the potentially devastating impacts tariffs could have on their business. The stocks have been hammered all year long, some worse than others, and the true impact is yet to be felt.Amid the slew of analyst downgrades and lowered price targets there's a reality that is setting in for some investors: Tariffs could cause Ford Motor Company (F 2.02%) to alter how it returns value to shareholders. In other words, Ford may be forced to cut its coveted dividend.L ...

Group 1 - The new tariff policy by the U.S. government is seen as "devastating" by Ford's CEO, potentially creating a significant crisis in the American automotive industry [1] - The North American automotive supply chain is deeply integrated, with parts often crossing borders multiple times, making tariffs disruptive and increasing vehicle prices [2][4] - The American Automotive Research Center reports that the percentage of consumers unable to afford new cars has risen from 20% to 40% over the past decade due to rising vehicle prices [3] Group 2 - The U.S. automotive production has been declining, with only 1.7 million vehicles produced last year compared to over 4 million in 2014, influenced by rising costs and international competition [4] - The imposition of tariffs on steel and aluminum is expected to increase the cost of American-made vehicles by approximately $1,500, further exacerbating price increases [4] - The uncertainty surrounding tariff policies is causing automotive companies to delay investment and production decisions, potentially leading to a disconnect between the U.S. market and global markets [6] Group 3 - Canadian automotive parts manufacturers warn that the tariff conflict could push the North American automotive industry to the brink of collapse, affecting timely parts delivery and production [5] - Companies are developing contingency plans in response to tariff uncertainties, with some considering relocating factories if tariffs persist [5][6] - The ongoing trade protectionism in the U.S. may lead to long-term consequences, as manufacturers might abandon the U.S. market if faced with high tariffs and low sales [6]

Core Viewpoint - The recent imposition of a 25% tariff on imported automobiles by the U.S. government is expected to have significant repercussions on the global automotive industry, affecting production costs, consumer prices, and overall market dynamics [1][2][3]. Group 1: Impact of Tariffs - The 25% tariff on imported vehicles is aimed at protecting U.S. automakers and jobs, but it may lead to increased production costs and reduced competitiveness for American manufacturers [2][7]. - The average price of cars in the U.S. could rise by approximately $4,711 due to the tariffs, with potential reductions if certain exemptions apply [3][16]. - The tariffs are likely to disrupt the highly integrated North American automotive supply chain, which relies on parts from Canada and Mexico [11][12]. Group 2: Economic and Employment Effects - Approximately 1 million Americans are employed in automotive manufacturing, with an additional 2 million in sales, indicating that the tariffs could have widespread economic implications [3]. - The tariffs may lead to a decrease in U.S. car sales, as higher prices could deter consumers, especially in the context of existing inflationary pressures [17][21]. - The automotive industry is facing a potential "chilling effect," where uncertainty around tariffs could lead to reduced production and investment decisions [10][15]. Group 3: Challenges for U.S. Automakers - U.S. automakers, particularly the "Big Three" (General Motors, Ford, and Stellantis), are expected to face significant challenges due to their reliance on imported parts and the high costs associated with the tariffs [12][13]. - General Motors is projected to experience a 79% decline in EBIT due to the tariffs, while Ford and Stellantis will also see substantial reductions in their financial performance [13]. - The potential for retaliatory tariffs from other countries, such as Canada, could further complicate the situation for U.S. automakers [9][22]. Group 4: Long-term Industry Outlook - The long-term viability of the U.S. automotive industry may be jeopardized by a reliance on protectionist measures, which could stifle innovation and competitiveness [5][22]. - The shift of automotive production to the southern U.S. has already altered the landscape, and the tariffs may not effectively revitalize the traditional manufacturing hubs in the Midwest [19][20]. - The automotive sector's dependence on global supply chains means that isolationist policies could lead to inefficiencies and higher costs, ultimately harming the industry's growth prospects [22].