TOP News

buying: Ford Still Has Over 60,000 Incomplete Vehicles Waiting for Chips

North Dakota’s farmer is bringing a bumper crop of classics to market

  North Dakota’s farmer is bringing a bumper crop of classics to market The Krinke family has been farming the same land in North Dakota for more than a century. In Neil Krinke’s many years of running the place, he’s grown a lot more than crops. He also collected a huge number of cars and trucks. Now it’s time to bring the harvest to market. In a massive […] The post North Dakota’s farmer is bringing a bumper crop of classics to market appeared first on Hagerty Media. Looking to purchase a car? Find your match on the MSN Autos Marketplace

In the automotive market, the biggest fallout from the COVID-19 pandemic remains the ongoing chip shortage. With limited parts on hand, companies are prioritizing the most profitable models for production to shore up earnings during these shortages. Ford is not immune to the problem, with Chief Financial Officer John Lawler stating on Wednesday that the company still has 60,000 to 70,000 vehicles waiting for parts, reports the Washington Post.

a car parked in a parking lot © Provided by The Drive

Ford has been stockpiling vehicles for some time, storing many of them in the parking lots of Kentucky Speedway since mid-April. A level of relief was on the horizon in June, as Ford reported it had secured enough supply to finish and ship thousands of F-150 pickups to customers. However, it's clear that the automaker isn't out of the woods just yet, with tens of thousands of vehicles still yet to be completed. Given the just-in-time nature of modern automotive manufacturing, and the simple nature of wanting to shift product, Ford will be very eager to get the backlog of vehicles finished and shipped off to dealers. Racking up storage fees in the mean time is less than ideal, as well.

'Mad Max: Fury Road' Vehicles Blasting Their Way to Auction

  'Mad Max: Fury Road' Vehicles Blasting Their Way to Auction The cars from the post-apocalyptic film classic can be yours. The 2015 action movie Mad Max: Fury Road featured some of the most spectacular vehicle stunts ever filmed, and now you can buy some of the cars that were put through their paces in the desert to get those shots.A total of 13 vehicles from the set will be up for sale, including the famous War Rig tanker truck and plenty of convoy vehicles.Bidders will have just two days, September 25 and 26, to make their secret bids, and they won't know what other people are offering in this tender.

a sign on a pole © AP Images

A Ford spokesperson contacted by The Drive confirmed the figures, and reiterated statements from Lawler regarding quality procedures. The company intends to ensure that the vehicles meet the same high quality standards as those that came straight off the production line. This is to be achieved with increased inspections of the vehicles prior to shipment as part of the retrofit process.

The figures were quoted on a call with media ahead of the main earnings call, where Ford reported its latest financial results to investors. Despite the ongoing issues due to the pandemic and the fire at chip supplier Renesas, Ford posted a surprise profit for the quarter. This was largely attributed to cost-cutting measures and increased transaction prices in a red-hot auto market. Revenue came in at $26.8 billion dollars, a full $3 billion above earlier forecasts, for context. The figures are strong given Ford produced 700,000 less vehicles than initially planned due to the parts shortages.

Ford debuts the 2022 GT 64 Prototype Heritage Edition at Monterey Car Week

  Ford debuts the 2022 GT 64 Prototype Heritage Edition at Monterey Car Week The car celebrates both the final year of GT production and the only surviving GT prototype with its original livery.The 2022 Ford GT 64 Prototype Heritage Edition celebrates the final year of GT production with what is arguably the best-looking of the GT Heritage Edition cars. It features Ford's wonderfully creamy Wimbledon White paint on most of its body, and the rest gets a mixture of Ford's might-as-well-be-black Antimatter Blue on the hood, fender tops and as a racing stripe extending back over the roof and onto the active spoiler. The carbon-fiber wheels are also Antimatter Blue and sized at 20 inches. It's a helluva thing.

The rise in prices across the board shouldn't be underestimated, either. The average sales price of Ford vehicles in the US market rose to $47,961, a full 6.3% up over the quarter. Multiply that figure by the 60,000 to 70,000 vehicles in storage, and you get somewhere in the realm of $2.8 to 3.2 billion dollars in revenue that should flow in to Ford's coffers when the backlog is cleared.

With the Renesas plant coming back on steam and other chip suppliers working hard to stabilize supplies, the outlook ahead is positive. Executives, dealers, and the buying public alike will be keen to see the back of these supply issues, but in the meantime, there's still tens of thousands of vehicles that need to be finished. Godspeed!

Got a tip? Let the author know: [email protected]

Looking to purchase a car? Find your match on the MSN Autos Marketplace

GM sues Ford over BlueCruise hands-free driving aid name .
GM and its Cruise subsidiary argued the name infringes on the automaker's Super Cruise trademark.GM released the following statement: "While GM had hoped to resolve the trademark infringement matter with Ford amicably, we were left with no choice but to vigorously defend our brands and protect the equity our products and technology have earned over several years in the market.

See also