) expects to have its U.S. vehicle assembly plants return by early July to building at the rates they did before the coronavirus pandemic shut down the U.S. auto industry for two months, a top executive said on Wednesday.
“By July 6, we will expect to have all of our U.S. plants operating at pre-COVID patterns,” Chief Operating Officer Jim Farley said on a webcast of a presentation at a Deutsche Bank auto conference.Farley said in the first three weeks following the restart, Ford built about 96% of its planned volume.
Ford’s retail sales in May rose 44% from April, and its F-Series large pickup truck saw retail sales rise 5.3% from last year and gain 2.4 percentage points of market share, Farley said. However, Farley acknowledged there will be “some impact” on the timing of those launches because Ford couldn’t get into the plants during the shutdown.
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Tesla has a market capitalization 16x larger than Ford.
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