USA: New Visteon deal hits Ford with large Q4 charge but 2003 earnings guidance raised
Ford has announced new agreements with Visteon Corporation - its largest supplier and former automotive components subsidiary -- that it claims will improve the competitiveness of both companies, mostly by hacking down the prices Visteon charges. The deal imposes a pre-tax charge of $US1.6 billion on Ford in the fourth quarter of 2003 yet, despite the hit, Ford has raised its 2003 earnings guidance based on cost cutting, strong sales of the new F-150 truck in the US and healthy profits at its credit arm.
Get full access to all content, just $1 for 30 days
A Message From The Editor
just-auto gives its paid members access to the very best automotive market coverage.
And now there’s just-auto plus, our premium membership that gives you exclusive component forecast data, company profiles and extended news coverage - just for premium members.
Today I can offer you 30 days access for $1 - and that includes just-auto plus.
Dave Leggett, editor of just-auto
* plus VAT if applicable