2023-08-17 18:52:41
Ford Spain has registered losses for the second year consecutive after registering a shareholding change in its subsidiary in Mexico and its exit from the balance sheet. The accounts deposited in the Land Registry show that the company improved its turnover by 35% last year going from 5,553 million euros to 7,521 million. However, its losses have increased by 75%, registering 34 million in 2021 and 61 million in 2022. The company is in the midst of changing its production model due to the electrification of its models and yesterday formalized the Request for aid from the Electric and Connected Vehicle Part (VEC).
45% production increase
The Ford factory in Almussafes allocates 95% of its production for export. The Valencian plant manufactured 245,560 vehicles last year compared to 168,426 the previous year, which represents a 45% increase, according to the accounts. The microchip crisis it weighed down the company’s production capacity last year and was forced to present several ERTEs. The Valencian plant produced 380,575 vehicles in 2028, 345,612 in 2019 and 235,344 in 2020 (during the outbreak of the pandemic).
registrations
Regarding the sale of vehicles, the volume of Ford units registered in Spain was 44,790, which represents a decrease of 4.8% compared to the previous year. As of December 31, 2022, Ford Spain had a network of 68 dealers, which had 29 authorized facilities such as Ford Store. Within the secondary network there are 196 authorized workshops of which 170 have contracts with dealers to be able to exhibit and sell Ford brand vehicles.
Last year the company produced in Almussafes 73,287 Ford Transit Connect, 153,584 Kuga, 4,025 Mondeo, 8,512 S-Max and 6,152 Galaxy. In addition, it produced 356,435 engines (24% more than the previous year) and of these 88% was exported outside of Spain.
Subsidiary of Mexico
One of the main impacts on the accounts of Ford Spain has been the shareholding change in the subsidiary in Mexico. During the financial year 2022 there was a significant change in the percentage of participation of Ford Spain in Ford Mexico going from 100% to 6%
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