US giant car-maker Ford Motor Company (NYSE:F) on Thursday revealed one of its best full-year profits worth $10.4 billion.
On these numbers its 56,000 hourly US workers will get an average $9,000 profit share, established on the profit made in North America. Ford generates the vast chunk of its profits in North America.
Ford Motor Company(NYSE:F) also said in a statement that that abandoning its planned new plant in Mexico cost it $200 million, but it also saved $500 million moving production to an current plant there. European plants contributed close to $1.2 billion, which is also a record.
Meanwhile for the company’s fourth fiscal quarter, Ford in fact made its first loss in seven years, mainly because of a pension charge and the Mexico cancellation.
In the start of this year, Ford also announce to cancel a $1.6 billion plant it intended to build in Mexico and instead would broaden operations at its Flat Rock factory in Michigan.
However Ford Motor (NYSE:F)’s boss Mark Fields said while announcement that the decision was partly due to “dramatically” dropping sales of small cars and partly a “vote of confidence” in Donald Trump’s policies.
The US president, during his election campaign, had heavily cricised both Ford and its rival General Motors over manufacturing of cars in Mexico.
Moreover Ford Motor Company (NYSE:F)’s financial officer, Bob Shanks, said it was “watching” the Trump administration for an indication of how its strategies would affect the company’s tactics.