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Scott Laprise/ 乐天虎

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Equity Bottom-Up

<h2>Moving car production to China makes no sense</h2><ul><li>Ford is moving Focus production to China in 2019, we think it won’t happen.</li><li>Purely financially speaking this is a good move but BAD in every other way.</li><li>The management is either very smart and looking for a better deal from Trump or making a bad long-term strategic decision.</li><li>We would expect to see a deal reached with Trump where the Focus production would remain in the U.S.</li></ul><ul><li>We can only see one clear benefit, savings Capex, a secondary benefit might be some short-term labour cost savings.</li><li>The aging Ford Focus is the biggest loser in 1Q17 in the top-15 cars in the segment as it’s in desperate need for a redesign. We see this as a management issue.</li><li>The Ford Focus sold in the US is the same model launched in 2011, who would want to buy such an old car.</li><li>If they move production to China we recommend SELLing Ford stock while if they get a better deal for production in the U. S. this could be an interesting BUYing opportunity.</li></ul><h2>*** you can also download the PDF version below</h2>

Moving car production to China makes no senseFord is moving Focus production to China in 2019, we think it won’t happen.Purely financially speaking this is a good move but BAD in every other way.The management is either very smart and looking for a better deal from Trump or making a bad long-term strategic decision.We would expect to see a deal reached with Trump where the Focus production would remain in the U.S.We can only see one clear benefit, savings Capex, a secondary benefit might be some short-term labour cost savings.The aging Ford Focus is the biggest loser in 1Q17 in the top-15 cars in the segment as it’s in desperate need for a redesign. We see this as a management issue.The Ford Focus sold in the US is the same model launched in 2011, who would want to buy such an old car.If they move production to China we recommend SELLing Ford stock while if they get a better deal for production in the U. S. this could be an interesting BUYing opportunity.*** you can also download the PDF version below

中国フォード - 中国への生産移転が非常に悪いアイデアである14の理由

Ford Motor Co

中国フォード - 中国への生産移転が非常に悪いアイデアである14の理由