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Navistar is talking a new plant near San Antonio at Mitchell Lake. The previous Navistar plant in Texas, the former Marmon truck plant, was in Garland (a northeast Dallas suburb). (Peterbilt's Denton plant is located northwest of Dallas.) https://www.google.com/maps/place/Mitchell+Lake/@29.3336456,-98.5218553,11z/data=!4m5!3m4!1s0x865c562c3dc72d35:0xc9ae54fb9bc22e6d!8m2!3d29.2797557!4d-98.4911065?hl=en https://www.google.com/maps/place/Garland,+TX/@32.8273713,-96.9442296,10z/data=!4m5!3m4!1s0x864c03c1db5fc275:0x71fbdcb38623cd0!8m2!3d32.912624!4d-96.6388833 https://www.google.com/maps/place/Denton,+TX/@33.304107,-97.156147,9z/data=!4m5!3m4!1s0x864c4ca0c088b1d1:0x724474cb4814fb1b!8m2!3d33.2148412!4d-97.1330683?hl=en The new CAT excavator plant is in Victoria, Texas, between Houston and San Antonio towards the coast. https://www.caterpillar.com/en/careers/career-areas/victoria.html I'm unsure if the Denton plant is still active..............http://www.buzzfile.com/business/Caterpillar-309-578-8639 CAT closed the Waco plant in 2018....................https://www.wsj.com/articles/caterpillar-to-close-texas-plant-review-illinois-factory-1521225422

Reuters / March 23, 2020 Toyota on Monday said it would develop a fuel-cell powered heavy truck with its Hino subsidiary as it sees hydrogen technology as a zero-emissions alternative to battery power for large commercial vehicles. Toyota said the truck, based on Hino’s 700 Series, would be equipped with two fuel cell stacks developed for the next model of its Mirai fuel cell sedan. The truck will have a range of 600 kilometers (373 miles). Toyota has long touted fuel cell vehicles as the ultimate “green car”, and sees the technology as more efficient than battery electric cars, embraced by many rivals as a zero-emissions alternative to gasoline vehicles. .

I do not yet know Bob. It appears to be a compromise plant, in the US but adjacent to Mexico, assembling truck in country with a large portion of imported parts.

Navistar Press Release / April 15, 2020 When the Sao Paulo government converted Pacaembu Stadium (soccer arena and concert venue) into a temporary hospital with 200 beds, Navistar's diesel engine making subsidiary MWM Motores Diesel in Brazil stepped up to lend two gensets to power the facility. Thank you MWM for your support to the first responders and citizens of #SaoPaulo! #Brazil .

Fitch Downgrades Navistar to 'B-'; Rating Outlook Negative April 14, 2020 Fitch Ratings has downgraded the Issuer Default Ratings (IDRs) for Navistar International Corporation (NAV), Navistar, Inc., and Navistar Financial Corporation (NFC) to 'B-' from 'B'. The Rating Outlook is Negative. KEY RATING DRIVERS The downgrade of NAV's ratings reflects the negative impact of the COVID-19 pandemic, which Fitch Ratings expects will worsen the industry downturn that was already anticipated in 2020. Fitch previously expected NAV's results and leverage would deteriorate temporarily, including negative FCF in 2020, but that the company's performance would gradually recover and remain on track for long-term revenue and margin growth. As a result of deteriorating demand for heavy- and medium-duty trucks, Fitch believes NAV's earnings, FCF and liquidity will be constrained for at least two years, and that leverage will be materially higher until a recovery takes hold. Negative Rating Outlook: The Negative Rating Outlook incorporates the expectation that additional capital will be required to finance negative FCF. Assuming the company obtains additional financing, recovery ratings could be negatively affected, particularly for unsecured debt, although the impact would be determined by the terms of any financing if it occurs. Fitch's rating case includes negative FCF in 2020 in excess of $300 million, excluding the impact of possible restructuring or other cost actions, and improved but still negative FCF in 2021. The ratings could be downgraded if actions to reduce costs and potential financing are insufficient to maintain minimum operating cash balances. Fitch estimates NAV requires approximately $1 billion of cash at fiscal year end, although the amount can vary, to fund seasonal working capital requirements and maintain flexibility for other uses. The Rating Outlook could be changed to stable if demand for heavy-duty trucks recovers solidly in 2021 accompanied by a return to positive FCF and lower leverage. Fitch expects leverage will be elevated through 2021 with debt/EBITDA above 6.0x in Fitch's rating case, which incorporates additional debt used by NAV to offset negative FCF. Debt/EBITDA was 3.4x at the end of fiscal 2019. Lower Liquidity: NAV had unrestricted manufacturing cash of approximately $1.3 billion at Oct. 31, 2019 that was available to fund cash requirements, which typically are highest in the first half of the year. Liquidity may become constrained if the downturn is sustained. Uses of cash include working capital requirements, pension contributions and higher capex although $162 million of pension contributions in 2020 are being deferred until 2021 as allowed by the CARES Act. Near-term concerns about liquidity are reduced, but not eliminated, by the absence of large debt maturities prior to calendar 2024. Low leverage at NFC mitigates the risk of support being required from NAV. Traton Alliance: Traton SE submitted a proposal earlier this year to acquire all of NAV's shares for approximately $2.9 billion but suggested recently that the proposed transaction, currently being reviewed by NAV, could be delayed due to the Covid-19 pandemic. Fitch's rating case does not incorporate any changes to NAV's alliance with Traton and does not assume any additional financial support for Navistar from Traton. If a transaction occurs, it could lead to further integration between the two companies and provide broader opportunities to participate in the global heavy duty truck market. Other Rating Concerns: Rating concerns include NAV's weaker financial position and scale compared to large global peers and a low share of proprietary engines in NAV trucks, although Fitch expects the share to increase over time. NAV continues to address litigation around legacy engines, emissions compliance, retiree benefits and other items. Among these cases are two claims by the U.S. Department of Justice that total up to $555 million and a False Claims Act case claiming more than $5 billion pertaining to Navistar Defense, LLC. Streamlined Operating Profile: A long-term realignment of NAV's operations, including the Traton alliance, is contributing to a lower cost structure and gradual recovery of market share. NAV's EBITDA margin was 8.5% in 2019 as calculated by Fitch, which could narrow to 5% in 2020 based on a revenue decline of 30% in Fitch's rating case. Captive Support: Under its criteria for rating non-financial corporates, Fitch calculates an appropriate debt/equity ratio of 3.0x at financial services based on asset quality as well as funding and liquidity. Actual debt/equity at financial services as measured by Fitch, including intangible assets, was 2.8x as of Jan. 31, 2020. As a result, Fitch calculates a pro forma equity injection is not required. Fitch assumes NAV would fund any required equity injection through the use of available cash or debt. Navistar Financial Corporation Fitch believes NFC is core to NAV's overall franchise, thus, the IDR of the finance subsidiary is equalized with, and directly linked to, that of its ultimate parent. The view that the subsidiary is core is supported by shared branding and the close operating relationship with and importance to NAV, as substantially all of NFC's business is connected to the financing of dealer inventory and trucks sold by NAV's dealers. The relationship is formally governed by the Master Intercompany Agreement, as well as a provision referenced within NFC's credit agreement requiring NAV to own 100% of NFC's equity at all times. Beyond these support-driven considerations, Fitch also considers NFC's consistent operating performance and solid asset quality, which are counterbalanced by elevated leverage levels relative to stand-alone finance companies, although leverage is consistent with that of other captive finance companies. Asset quality metrics at NFC were strong heading into 2020, with negligible net charge offs in fiscal 2019. NFC has been focusing on growing the wholesale portfolio, which has historically experienced lower loss rates compared to the retail portfolio. At Jan. 31, 2020 (1Q20) delinquencies greater than 90 days past due as a percentage of total finance receivables were 0.03%, similar to the level experienced in the prior year.. Fitch expects modest asset quality deterioration at NFC as a result of coronavirus pandemic. NFC's profitability metrics deteriorated in 1Q20, with revenue declining 34% compared to 1Q19 primarily as a result of lower average portfolio balances as well as a reduction in the interest and fee revenue rates charged to NAV. Annualized pretax returns on average assets decreased to 1.9% in 1Q20 from 4.7% in 1Q19. Fitch expects NFC's operating metrics to remain weak near term given slower loan and lease growth and the potential for further increases in provision expense caused by the current economic disruption. NFC's leverage (debt to tangible equity) decreased to 3.8x at 1Q20 from 4.4x at 1Q19 as a result of lower funding requirements for reduced finance receivables, partially offset by a reduction in equity given dividend payments to NAV. If NFC's loan to its parent were classified as a dividend, thus reducing NFC equity, leverage would have been 8.2x at 1Q20. Fitch believes that the company's leverage, including the intercompany loan, is in line with that of other captive finance peers in Fitch's rated universe. Fitch expects adjusted leverage to remain at or near current levels as NAV continues to use NFC's balance sheet to enhance liquidity at the parent company. NFC's funding profile is fully secured, which compares unfavorably to other captive finance companies. Secured debt consists of warehouse facilities, asset-backed securitization issuances and bank credit facilities. Fitch believes NFC's secured funding profile, and lack of an unencumbered asset pool, reduces its funding flexibility relative to higher rated firms, particularly in times of market stress. The rating assigned to the senior secured bank credit facility is one-notch above the long-term IDR and reflects Fitch's view that recovery prospects on the facility under a stress scenario are good. The credit facility's collateral coverage covenant of 1.25x mitigates Fitch's concerns that NFC could securitize all its remaining unencumbered assets, leaving other senior secured lenders in a subordinate collateral position to the company's securitizations. DERIVATION SUMMARY NAV has a weaker financial profile including lower margins, FCF and liquidity than other global heavy-duty truck OEMs. These factors are important with respect to investing in the business and managing the business through industry cycles. Several OEMs are larger than NAV or are affiliates of global vehicle manufacturing companies, giving them greater access to financial and operational resources and markets. Peers include Daimler Trucks North America LLC (DTNA), a subsidiary of Daimler AG (A-/Stable); AB Volvo (BBB+/Positive); PACCAR Inc. (NPR); and MAN SE and Scania AB, which are part of Volkswagen AG's (BBB+/Stable) Traton Group. NAV's alliance with Traton mitigates concerns about NAV's smaller scale and weaker financial position compared with its global peers. Eighty-nine percent of NAV's consolidated revenue was located in the U.S. and Canada in 2019, which makes it more sensitive to industry cycles compared to competing OEMs that have greater geographic diversification. KEY ASSUMPTIONS Fitch's key assumptions within the rating case for the issuer include: --Significant downturn in NAV's heavy-duty truck markets contributes to Fitch's estimated revenue decline at NAV of 30% in 2020. --EBITDA margins decline to approximately 5% in 2020 before beginning to recover in 2021. --Debt/EBITDA is above 6.0x through 2021. Leverage improves after 2020 but remains elevated, compared with debt/EBITDA of 3.4x in 2019. --NAV's market share increases further but remains below historical levels in the near term. --FCF is negative by approximately $300 million in 2020, excluding the impact of possible restructuring or other cost actions, followed by improved but still negative FCF in 2021; --Fitch's base case for NAV assumes the current alliance with Traton is unchanged and that cost efficiencies and product development are executed as planned. Recovery Analysis: --The recovery analysis for NAV reflects Fitch's expectation that the enterprise value of the company would be maximized as a going concern rather than through liquidation. Fitch has assumed a 10% administrative claim. --The going concern EBITDA represents Fitch's estimated post-emergence stabilized EBITDA following an industry downturn. --An EBITDA multiple of 5.0x is used to calculate a post-reorganization valuation, below the 6.7x median for the industrial and manufacturing sector. The multiple incorporates cyclicality in the heavy-duty truck market, the highly competitive nature of the heavy-duty truck market and NAV's smaller size compared to large global OEMs. --Fitch assumes a fully used ABL facility, excluding a liquidity block, primarily for standby letters of credit that could be utilized during a distress scenario. --The secured term loan is rated 'BB-'/'RR1', three levels above NAV's IDR, as Fitch expects the loan would see a full recovery in a distressed scenario based on a strong collateral position. The recovery zone bonds have a junior lien position behind the term loan but are rated 'BB-' as they would also be expected to see a full recovery. The 'RR3' for senior unsecured debt reflects good recovery prospects in a distressed scenario. RATING SENSITIVITIES Factors that could, individually or collectively, lead to positive rating action/upgrade: --FCF is positive in 2021. --Debt/EBITDA is below 5.5. --EBITDA margins as calculated by Fitch are sustained above 7%. --NAV's retail market share continues to improve. --Litigation with the DOJ and other contingent liabilities are resolved with little financial impact on NAV. Factors that could, individually or collectively, lead to negative rating action/downgrade: --FCF is negative in 2021. --Manufacturing EBITDA margins are below 5% in 2021. --There is a material adverse outcome from litigation. --The alliance with Traton is terminated. --Material support is required for financial services. Navistar Financial Corporation Factors that could, individually or collectively, lead to positive rating action/upgrade would be linked to Fitch's view of NAV's credit profile, as NFC's ratings and Rating Outlook are linked to those of its parent. Fitch cannot envision a scenario where the captive would be rated higher than its parent. Factors that could, individually or collectively, lead to negative rating action/downgrade include a change in the perceived relationship between NAV and NFC. For example, if Fitch believed that NFC had become less central to NAV's strategic operations and/or adequate financial support was not provided to the captive finance company in a time of need. In addition, consistent operating losses, a material and sustained change in balance sheet leverage, and/or deterioration in the company's liquidity profile, any of which alters NFC's perceived risk profile and/or requires the injection of regular financial support from NAV, could also drive negative rating actions. The ratings on the senior secured bank credit facility are sensitive to changes in NFC's IDR, as well as the level of unencumbered balance sheet assets available relative to outstanding debt. BEST/WORST CASE RATING SCENARIO International scale credit ratings of Financial Institutions issuers have a best-case rating upgrade scenario (defined as the 99th percentile of rating transitions, measured in a positive direction) of three notches over a three-year rating horizon; and a worst-case rating downgrade scenario (defined as the 99th percentile of rating transitions, measured in a negative direction) of four notches over three years. The complete span of best- and worst-case scenario credit ratings for all rating categories ranges from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are based on historical performance. For more information about the methodology used to determine sector-specific best- and worst-case scenario credit ratings, visit https://www.fitchratings.com/site/re/10111579. International scale credit ratings of Non-Financial Corporate issuers have a best-case rating upgrade scenario (defined as the 99th percentile of rating transitions, measured in a positive direction) of three notches over a three-year rating horizon; and a worst-case rating downgrade scenario (defined as the 99th percentile of rating transitions, measured in a negative direction) of four notches over three years. The complete span of best- and worst-case scenario credit ratings for all rating categories ranges from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are based on historical performance. For more information about the methodology used to determine sector-specific best- and worst-case scenario credit ratings, visit https://www.fitchratings.com/site/re/10111579. LIQUIDITY AND DEBT STRUCTURE Liquidity Sources - NAV's liquidity at the manufacturing business as of Jan. 31, 2020 included cash and marketable securities totaling $967 million, excluding restricted cash and cash at Blue Diamond Parts. Liquidity includes availability under a $125 million asset-backed lending (ABL) facility. Borrowing capacity under the ABL is reduced by a $13 million liquidity block and letters of credit issued under the facility. Liquidity was offset by current maturities of manufacturing long-term debt of $31 million. There are no large debt maturities before November 2024. NAV had intercompany loans totaling $301 million from financial services, which are included by Fitch in manufacturing debt. The net pension obligation was $1.3 billion (60% funded) at Oct. 31, 2019. Navistar Financial Corporation Fitch believes NFC's liquidity profile is constrained given the company's limited ability to securitize originated assets in the current market environment. Fitch notes that liquidity may become further constrained if NFC is unable to refinance maturing debt on economic terms. At 1Q20, NFC had sufficient availability under its wholesale note funding facility (subject to collateral requirements) as well as its senior secured bank revolving facility. The maturity date for the revolver is May 2024. As of Jan. 31, 2020, debt at NAV's manufacturing business totaled approximately $3.3 billion as calculated by Fitch including intercompany debt, unamortized discount and debt issuance costs. Debt was $1.8 billion at the financial services segment, the majority of which is at NFC. Consolidated debt totaled $4.7 billion.

Alan Adler, Freight Waves / April 14, 2020 Navistar International Corp. is making numerous cash-conserving moves as its plants remain shuttered because of supply chain issues and little demand for new equipment during the coronavirus pandemic. Navistar will build trucks subject to being able to get parts and components and based on market conditions and the health of its workforce. The first part of that calculus is iffy at best. The truckmaker is extending the production suspension at its plant in Springfield, Ohio, through early May. The company’s service facilities and parts distribution centers continue regular operations. “Navistar is not immune to the reality of the COVID-19 pandemic,” Troy A. Clarke, chairman, president and CEO, said in a statement Monday. “The extent of this virus is unprecedented, and our personal lives, businesses and global economies are being impacted by events beyond our control.” That means protecting the $1 billion in consolidated cash and cash equivalents and manufacturing cash and cash equivalents on hand as of Friday. It is immediately implementing a series of temporary cost-reduction measures that will conserve $300 million in the fiscal year ending Oct. 31. The cuts include: Postponing 30% of capital expenditures and 30% of information technology project spending. Deferring $162 million in pension contributions until 2021, and employer payroll tax payments and certain Employee Retention Tax Credits. Both are allowed under the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Deferring 35% of Clarke’s $1,027,183 base salary and Navistar Board of Directors’ compensation. Reducing the workweek by 20% for contractors. The base salary of U.S.-based, salaried exempt, nonrepresented employees will be cut 10% to 30% effective April 20 through Dec. 31. It will be repaid with interest no later than March 15, 2021, similar to the approach taken by General Motors, where Clarke and several other executives worked before joining Navistar. Navistar previously deferred merit salary increases and delayed 401(k) company match contributions until 2021. More cuts will be made if needed, the company said. “We held a strong manufacturing cash position heading into this pandemic, and the actions we are taking allow us to manage cash flow in response to these extraordinary times,” said Walter Borst, Navistar executive vice president and chief financial officer. “These actions do not impact the longer-term benefits of our Navistar 4.0 strategy but may influence the timing of when the plan’s full potential is realized, which we will reevaluate once the post-coronavirus economy is better understood,” he said. Navistar 4.0 includes building a new manufacturing plant near San Antonio; increasing earnings before interest, taxes, depreciation and amortization (EBITDA) margin to 12% by 2024 from the current 8%; and achieving a combined 25% market share by 2025 compared with a combined 18.8% share at the end of fiscal 2019.

Autocar Pres Release / April 14, 2020 RULES, TERMS, AND CONDITIONS Sign up on Facebook or Instagram and share a photo of your Autocar® Truck clean cab and a tip for how you keep yourself safe as a driver during Covid-19. Prizes: The 1st place winner will receive $5,000! The 2nd place winner will receive $2,500! The 3rd place winner will receive $1,000! Eligibility: This contest is sponsored by Autocar, LLC. The contest is open to all Autocar Truck drivers/operators, excluding employees of Autocar, LLC; Autocar Industries, LLC; or their respective distributors or affiliates. The contest begins on April 14, 2020 and ends April 28, 2020. To be eligible, you must sign up through Autocar Truck’s Facebook or Instagram page, post a photo of your Autocar truck clean cab and include the hashtag @Autocar_cab_Contest, and share a tip in your post for truck drivers on how you keep yourself safe during Covid-19. By entering the contest you agree to the official rules. No purchase is necessary to enter or win. The contest is open only to residents of the United States, and void where prohibited. Residents must be 18 years of age or older. Internet access is required to participate in the contest. Employees or agents of Autocar, LLC, Autocar Industries, LLC or their respective distributors or affiliates, and their immediate family members are not eligible. Proof of eligibility, age and identity must be furnished upon request. Submitting photos: Photos must be submitted electronically via Facebook and/or Instagram, and include the hashtag @Autocar_cab_Contest There is no entry fee. The contest closes at midnight, EDT on April 28, 2020. Additional Contest Rules: All submissions must be solely the work of the participant. The photograph must not infringe on the copyrights, trademarks, moral rights, rights of privacy/publicity or intellectual property rights of any person or entity, and by submitting the photo the participant certifies that no other party has any right, title, claim or interest in the photograph. All photos posted become the non-exclusive property of Autocar and are eligible for use in any future publicity and publications. By entering this contest Participants assign to Autocar all right, title, and interest in and to their submission including, without limitation, all intellectual property and other proprietary rights, without compensation or acknowledgement (other than the prizes awarded as set forth in these official rules). Autocar reserves the right to decline to accept, display or use the submission for any reason, in its sole and absolute discretion, and there is no guarantee that Autocar will make use of any rights granted to Autocar in any submission. By entering the contest, Participants grant Autocar a royalty-free, worldwide, perpetual, non-exclusive license to display, distribute, reproduce and create derivative works of the entries, in whole or in part, in any media now existing or subsequently developed, for any educational, promotional, publicity, exhibition, archival, scholarly and all other standard purposes. AGREEMENT TO OFFICIAL RULES: Participation in this Contest constitutes entrant’s full and unconditional agreement to these Official Rules and Administrator’s decisions, which are final and binding in all matters related to this Contest. Winning a prize is contingent upon fulfilling all requirements set forth in these rules. Judging: The winners will be chosen based on the cleanest Autocar Truck cab, the best safety tips provided for Autocar Truck drivers during Covid-19, and having the highest number of "Likes" at Midnight, EDT, April 28, 2020, and will be determined by Autocar in its sole and absolute discretion. Legal: Winner will be solely responsible for any federal, state, or local taxes incurred upon acceptance of a prize. Autocar reserves the right to terminate, suspend or amend the contest, without notice, and for any reason, including, without limitation, if Autocar determines that the contest cannot be conducted as planned or should a virus, bug tampering or unauthorized intervention, technical failure or other cause beyond Autocar’s control corrupt the administration, security, fairness, integrity or proper play of the contest. In the event of tampering or unauthorized intervention, Autocar reserves the right to void suspect entries at issue. Publicity: Participant’s submission constitutes his/her permission for Autocar to use his/her name, voice, likeness, and biography for publicity purposes without further compensation (except where prohibited by law). More Information: For questions, email info@autocartruck.com. .

An Inside Look at How General Motors is Mass-Producing Masks https://www.gm.com/our-stories/commitment/face-masks-covid-production.html

Ford broadens medical production, using airbag material for medical gowns Nick Bunkley, Automotive News / April 13, 2020 DETROIT -- Ford Motor Co. is expanding its unexpected foray into medical-supply manufacturing to include production of respirators, face masks and reusable gowns made from airbag material. It also is helping to increase production of collection kits used to test patients for COVID-19. The automaker said it has started making face masks at a transmission plant in Sterling Heights, Mich., and will begin assembling respirators Tuesday near its Mustang plant in Flat Rock, Michigan. Ford initially will pay about 120 UAW-represented workers who have volunteered for the assignments and expects to add 50 more workers as production of the face masks increases. Ford also is working with airbag supplier Joyson Safety Systems to make reusable gowns for health care workers and helping Thermo Fisher Scientific increase production of COVID-19 test collection kits. Joyson expects to cut and sew 100,000 gowns a week starting next week, for a total of 1.3 million gowns by July 4. The gowns use a coated, nylon-based material normally used for Ford airbags that is well-suited for protecting health care workers from COVID-19. "This was really a great find, that we could take something we already knew how to produce and turn it into isolation gowns, and they are washable," Marcy Fisher, Ford's director of body exterior and interior engineering, said on a conference call Monday. The face masks will be for internal use at Ford facilities around the world, including plant workers after the company is able to resume vehicle production. Ford also is seeking certification for medical use. Ford said it expects to make at least 100,000 powered air-purifying respirators, which have a hood and face shield to cover medical professionals' head and shoulders. The company worked with 3M to design the respirators in less than four weeks. Ford and 3M plan to donate any profits from the respirators to charities related to COVID-19 treatment. Ford helped Thermo Fisher set up additional machinery that will triple production of collection kits starting April 20. Ford also has been making face shields for several weeks in Plymouth, Michigan. As of Monday, it has made more than 3 million of them.

Ford expects coronavirus shutdown to cause $600 million quarterly loss Reuters / April 13, 2020 Ford Motor Co said on Monday it expects to post a pre-tax loss of about $600 million for the first quarter as the coronavirus outbreak pummeled its sales and shuttered vehicle assembly plants, resulting in a 21% drop in vehicle sales to dealers versus the same quarter in 2019. The news sent Ford’s shares down more than 5% in morning trading. Only Ford’s joint ventures in China, where the COVID-19 pandemic has been receding, are currently producing vehicles. The automaker said it is working on a scenario for a phased restart of its manufacturing plants beginning in the second quarter. “However, we believe we have sufficient cash today to get us through at least the end of the third quarter with no incremental vehicle production and wholesales or financing actions,” Chief Financial Officer Tim Stone said in a statement. Asked whether Ford would apply for loans from the U.S. government or the Federal Reserve to sustain its operations for longer if needed, a spokesman for the automaker said that unlike during the Great Recession - when financing dried up - there is still plenty of liquidity in the capital markets. “We have a broad range of options” for obtaining additional financing if needed, the spokesman said. As of April 9, Ford said it had about $30 billion in cash on its balance sheet, including $15.4 billion it borrowed last month against two existing credit lines. Ford said any decisions on restarting its plants will be made “in cooperation with local unions, suppliers, dealers and other stakeholders.” In March, the company shuttered plants in North America and Europe due to the spreading pandemic. Earlier this month, the No. 2 U.S. automaker said its first-quarter U.S. sales had fallen 12.5% during the quarter. The U.S. market, with its highly profitable pickup truck and SUV segments, generates the overwhelming majority of Ford’s profits. Ford’s U.S. sales chief Mark LaNeve said on April 2 that Ford believes some level of government stimulus will be needed for American consumers once the COVID-19 pandemic recedes. Ford said it expects its first-quarter adjusted loss before interest and taxes to be about $600 million, compared with a profit of $2.4 billion a year ago. The company said it expects to report revenue of about $34 billion for the quarter. In morning trade, Ford shares were down 30 cents, or 5.6%, at $5.09.

Ford Hints at Raising More Cash After Burning Through Billions Keith Naughton, Bloomberg / April 13, 2020 Ford Motor Co. is considering additional financing actions as a global pandemic heaps more pressure onto earnings that already were slumping before the coronavirus forced plant and showroom closures around the globe. The carmaker said Monday it’s expecting to report a loss later this month and that it had roughly $30 billion in cash on its balance sheet as of April 9. The comments suggest the company has used about $8 billion since the end of last year, Joel Levington a Bloomberg Intelligence credit analyst, wrote in a report. CEO Jim Hackett already has suspended the dividend prized by Ford’s founding family and drew $15.4 billion from two credit lines last month to help weather months of uncertainty over when it can resume manufacturing and selling vehicles. The automaker may now stockpile even more cash to get through the crisis. “We continue to opportunistically assess all funding options to further strengthen our balance sheet and increase liquidity to optimize our financial flexibility,” Tim Stone, Ford’s chief financial officer, said in a statement. “We also are identifying additional operating actions to enhance our cash position.” Ford shares fell as much as 6.1% to $5.04 in intraday trading. The stock is down about 45% this year, trailing General Motors Co.’s 37% decline. One way Ford could boost funding is by tapping the U.S. asset-backed securities market, said Levington, the BI analyst. While a new primary deal hasn’t priced since March 11, activity may restart this week based on recent filings from other issuers. The return of the Federal Reserve’s Term Asset Backed Securities Loan Facility should aid in a revival, but it’s unclear when the program will be operational. Ford said it believes it has sufficient cash now to last through at least the third quarter, even if it doesn’t resume production or take additional financing actions. The carmaker is building up its cash pile at a less opportune time than it did before the last global financial crisis. In 2006, before the mortgage market collapsed and lending dried up, Ford lined up $23 billion in loans that allowed it to avoid the bankruptcies and bailouts that befell its crosstown rivals GM and Chrysler. As collateral to obtain the loans, the automaker put up all its assets, including the Ford brand name. Ford expects its first quarter adjusted loss to be about $600 million before interest and taxes, the company said about two weeks before it’s scheduled the release of earnings. The $34 billion revenue Ford anticipates for the period would be down about 16% from a year ago.

Note the combat rims, with bolt-on retaining rings, typical on WC 51/52 and WC 56/57 trucks.

Autoblog / April 9, 2020 Indiana will see some excellent vintage metal on several auction blocks this summer. Mecum Auctions has the 1965 Pontiac GeeTO Tiger and 1963 Shelby Cobra that was a Ford demonstrator planned for in Indiana in late June. Two weeks before that, and as noted by Carscoops, Worldwide Auctioneers will offer what could have been Gen. George S. Patton’s Dodge WC57 Command Car. We say "could have been" because although the WC57 came out of the National Military History Center in Auburn, Indiana, a few years ago and is fitted with the modifications Patton made to his personal WC57, the auction house doesn't have paperwork explicitly linking Patton to this car, and there are other replicas of Patton Command Cars out there. That could help explain why when RM Auctions put this WC57 up for sale in 2017 with a pre-sale estimate of $100,000 to $150,000, the vehicle failed to make the $60,000 reserve. Dodge had been making vehicles for the U.S. military since before World War I, most of them based on civilian models. Before the U.S. entered World War II, Dodge turned its civilian TC pickup into the 1940 VC-1 military truck. The VC-1 quickly evolved into the WC range, the WC57 Command and Reconnaissance Weapons Carrier riding on a three-quarter-ton, 4x4 chassis and weighing almost 5,400 pounds. Built from 1942 to 1945, they were powered by Dodge's T214 side-valve, 230-cubic-inch inline-six with 92 horsepower. The WC57 was simple, reliable, capable, and at the end of the war, was part of the inspiration for the Dodge Power Wagon. The story is that soldiers returning from active duty badgered Dodge for a civilian version of the indefatigable WC warhorse, so Dodge responded with the postwar's most hardcore pickup in 1946. The open-topped WC57 rig was also popular with U.S. Army officers, and because of that, it was popular target practice for German infantry and Luftwaffe pilots. So Patton, before heading to France in 1944 with the Third Army, had the motor pool in Cheltenham, England, modify his WC57. Mechanics added an armor flap to shield the radiator, half-inch armor plate under the floor, and a Browning M2 .50-caliber machine gun for fending off aerial attacks. A second, drop-down tailgate provided extra space and covered tool storage. Flags and high-volume horns on the front fenders announced Patton's rank and command, and a grab rail behind the front seats gave Patton a handhold as he stood to address his troops. The auction vehicle differs slightly from those mods, perhaps due to the inevitable changes, upkeep, and restoration after the war. There's a Browning M1919 A44 .30-cal mounted to the passenger running board, and a different took kit on the tailgate. This time, Patton's ride has to go, though, so it will hit the auction block with no reserve. The Worldwide Auctioneers event happens from June 11-14 at Kruse Plaza in Auburn, Indiana. . .

Jen Judson, Defense News / March 31, 2020 WASHINGTON — Oshkosh Defense has won a $346 million award to modernize the U.S. Army’s fleet of heavy tactical vehicles, according to a March 30 company statement. The company will recapitalize Heavy Expanded Mobility Tactical Trucks (HEMTT) and Palletized Load System (PLS) trucks with updated technology and safety features. Under the contract, Oshkosh will also build new PLS trailers. Upgrading heavy tactical trucks aligns with the service’s need to support operations across multiple domains against near-peer adversaries. “Whether they’re hauling rocket launchers and missile defense systems, or transporting mission-critical equipment, the HEMTT and the PLS will continue to be an integral part of the U.S. Army and U.S. Army Reserve heavy vehicle fleets for years to come,” said Pat Williams, the company’s vice president and general manager of U.S. Army and Marine Corps programs. “As the military pivots its focus to near-peer adversaries, they can be confident that the [family of heavy tactical vehicles] fleet will continue to serve as a key enabler for combat missions.” Oshkosh has already recapitalized more than 13,700 HEMTTs and 3,400 PLS for the U.S. military since 1995. The company supplies tactical vehicles across the services, including heavy, medium and light. Oshkosh has long held lucrative contracts to supply the services and foreign partners with medium tactical vehicles; it had won a contract to provide a new variant of the vehicle but has yet to begin delivering to the Army. Navistar Defense recently sued the Army over its continued purchase of Oshkosh’s family of tactical vehicles without competition, but the U.S. Court of Federal Claims ruled in favor of the service and Oshkosh. Oshkosh also provides the Joint Light Tactical Vehicle to the Army, Marine Corps and Air Force. The vehicle reached full operational capability last year after overcoming some design issues. The future is unclear for the Oshkosh-manufactured JLTV as the Army looks to compete for future lots of the vehicle, according to the service’s fiscal 2021 five-year budget plan. .

Iepieleaks / April 8, 2020 Now here is something special. The blue artist impression of a DAF XF bonneted truck is nothing more than the fantasy of an unknown photoshop artist. The result looks very good but we dont think this is ever going to be the reality. .

Transport Engineer / April 6, 2020 FreshLinc Group, the Spalding, Lincolnshire-based temperature-controlled, food and horticultural products logistics supplier has taken 20 new Renault Trucks tractor units from Midlands dealer BRS Trucks. The order consists of 18 Range T460 6x2s and two Range T480 High 6x2s, taken on a three-year term with full R&M, including tax but excluding tyres. Fleet Engineer Andy Marchant MSOE MIRTE reports that the company bought its first Renault Trucks Range T back in 2016 and has enjoyed a supportive relationship ever since. He says: “Continually good fuel consumption figures, coupled to a high degree of driver acceptance and a good support network lead us to continue placing orders with the brand.” Twenty new trucks will operate from both the company’s HQ in Spalding and Huntingdon, maintained by respective dealers Thompson Commercials and WTL Trucks in Peterborough. The 18 T460s are powered by Renault Trucks’ 11-litre DTI, while the larger 13-litre DTI powers the T480 Highs. Both feature Renault’s Optidriver automated transmission. Marchant says: “The latest vehicles are expected to cover an annual 180,000 kilometres working on the company’s temperature-controlled traffic on a continuous seven day a week operation; fuel consumption is within FreshLinc’s predictions and budget.” FreshLinc Group now operates four separate divisions: FreshLinc Chilled, FLX Logistics Ambient, DirectLinc Container and FLB Bulk Transport Division. .

I agree Bob. The video is extremely well done, and for a broad (worldwide) audience.

In 1964, Army authorities at Fort Benning requested that a lightweight dump truck be provided for the conveyance of supplies and clearance of airfields. A decision was made to install Gar Wood GA-2 dump bodies on the [conservatively rated] 3/4-ton M37B1 cab and chassis. A few trucks received Hardeman bodies. Designated XM708 (Gar Wood) and XM708E1 (Hardeman), 200 were built and most were shipped to Vietnam. The rear springs were upgraded to allow a 3,500lb payload. .

Reuters / April 11, 2020 Major U.S. airlines were urging Treasury officials and the federal government’s outside advisers on Saturday to scrap or revise a proposal that would make part of the $25 billion earmarked by Congress repayable in the form of low-cost loans. Treasury Secretary Steven Mnuchin told the airlines on Friday the government would require them to repay [a mere] 30% of the grants in low-cost loans over 10 years — with the first five years at 1% interest — before the interest rate would rise. The government is also seeking warrants equal to 10% of the loan amount. Airlines, in calls with U.S. Treasury officials and the government’s outside advisers, were making the case that Treasury should not require them to repay a big chunk of grants, in part because the $25 billion is not sufficient to cover the full amount of payroll costs submitted. Airlines for America, a trade group representing American Airlines, United Airlines, Delta Air Lines, Southwest Airlines, JetBlue, Alaska Airlines and others, said Saturday it believes the $25 billion in payroll assistance was “to be only in grants – which is considerably more effective for our employees – and not a combination of grants and loans.” Under the terms laid out in the statute, companies receiving funds cannot lay off employees before Sept. 30 or change collective bargaining agreements. Mnuchin has authority to demand compensation for the grants but is not required to do so. Sara Nelson, president of the Association of Flight Attendants union, [arrogantly] wrote on Saturday that if Treasury insists on airlines repaying $7 billion in grants, “job cuts will happen now AND longer term cuts will come in October. This is absolutely stealing from the money Congress allocated directly to workers.” Congress set aside another $25 billion in loans to passenger airlines, but no action on those is expected until Treasury makes decisions on the grants. Some airlines were seeking other changes in the terms including ensuring grant funds are paid as a lump sum rather than on a monthly basis. The Treasury said Friday Mnuchin will not require passenger air carriers that will receive $100 million in assistance or less to provide compensation. Treasury said Friday it is working with 12 larger passenger air carriers “to secure appropriate financial instruments to compensate taxpayers.” Airlines were told they could apply for the amount they paid in salaries and benefits in the second and third quarters of 2019. American Airlines, with the largest number of employees, had said it was seeking around $6 billion.

Ford Trucks International / April 11, 2020 The loads we’ve seen and what we’ve carried so far….... But they carry the most important one. A million thanks to the ones who work day and night for us to leave this difficult time behind. .

The concept behind the insulated spring mounting arrangement is rooted back to Mack Trucks chief engineer and vice president Alfred Masury. ------------------------------------------------------------------------------------------------------------------ One of the many famous achievements of the Masury-led research and development department of the International Motor Company was elaborate experimentation in the early 1920s to measure the effects on tires and suspension systems of both pneumatic and solid-tired trucks when run at speed off an inclined ramp. The project originated from Masury’s desire to investigate the attributes of the recently introduced Belflex composition rubber spring shackle. Five Mack trucks ranging in capacity from 1-1/2 to 5 tons were driven at speeds of 15 to 18 miles per hour up a 1-1/2 foot tall ramp, during which time the effects on the tires and suspension systems were recorded utilizing an advanced new “Novograph” motion picture camera capable of taking pictures at a rate of 144 frames per second. Given the ability to review the video test results in slow motion, the Masury team developed and patented the Mack Rubber Shock Insulator in 1921.The technology was first utilized on the AB, a cushion connection between the spring ends and chassis. Mack’s use of live rubber cushioning technology extended over the 1921-1927 period to engine, transmission radiator steering gear and cab mounting. As pneumatic tires for medium and heavy trucks at this time was still under development, the fitment of Mack’s Rubber Shock Insulator technology to solid tire trucks greatly prolonged component life by damping harmful shock and vibrations. The potential of Mack’s Rubber Shock Insulator technology was so great that the International Motor Company formed the Rubber Shock Insulator Company in January 1922. Thru licensing agreements, Mack’s Rubber Shock Insulator technology was used by Chrysler, Peerless and Yellow Cab (Yellow Coach Manufacturing Company). Always thinking outside the traditional box, Alfred Masury and colleague Emil C. Fink jointly patented a shock-insulated railroad track design, an advanced rail fastening system for attaching rails to railroad ties (http://www.freepatentsonline.com/1619028.pdf). https://www.bigmacktrucks.com/topic/39563-mack-remembrance-–-alfred-fellows-masury/

The Dodge M-37, that the Kaiser-Jeep M-715 was supposed to have replaced, was a far superior truck. Still, the M-715 has a more interesting appearance. .

That Ford Cargo cab is looking proud !

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