Ford Motor Co.
According to a report by Reuters on Wednesday, CEO Jim Farley confirmed in an interview with the news agency that the Lincoln Nautilus SUV imported from China attracted a 52.5% tariff and that Ford will begin shifting production of some Lincoln vehicles into the U.S. starting in 2030, the report said.
Ford did not immediately respond to Benzinga's request for comment.
"We made this decision as soon as the policy of the administration was set," Farley said in the report, while also touting the automaker's domestic production capabilities. "Ford's got an edge. Domestic manufacturing has an edge," U.S Commerce Secretary Howard Lutnick said, according to the report.
Rules surrounding Chinese technology in vehicles sold in the U.S. also prompted this shift in production strategy, according to the report.
According to an official statement by Ford on Wednesday, Farley said that "Ford builds in America because we believe in America, and we're betting on that belief again." The statement also said that "Lincoln will phase out the importation of vehicles from China for the U.S. market."
Jim Farley Backs USMCA Revision
Earlier, during Ford's second-quarter earnings call, Farley had backed a renewed U.S.-Mexico-Canada Agreement (USMCA), calling it a "critical" element in Ford's business model. Farley said that an "improved USMCA could be a great opportunity for the industry."
The automaker also recently named its sub-$30,000 EV pickup truck, calling it the Fathom electric pickup truck. "We named it Fathom because real depth comes from deeply understanding how you live," according to an official statement by the automaker.
Benzinga Edge Rankings show Ford scores satisfactorily on the Momentum metric, while also providing a favorable price trend in the Medium and Long term.
Price Action: Ford Motor shares were up 0.07% to $13.85 during premarket trading on Thursday.
