Ford Motor is expecting to see $1.5-2bn in restructuring charges for 2023 as part of its plans to exit unprofitable locations and reduce workforce. Ford has already indicated that it plans to cut one in nine jobs in Europe whilst also holding back operations in Brazil and India. It has focused its resources to spend on electric vehicles. This comes two-days after Ford reported its Q1 results with strong revenues and profits but also referred to expectations of continued losses in its EV unit. Ford reported an operating profit of $3.4bn vs. estimates of $2.4bn and a net profit of $1.8bn. On the EV front, it said that it incurred a loss of over $60,000 per EV sold.
Ford’s 4% 2027s were lower by over 2 points 90.27, yielding 6.65%.
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