Ford Posts an Unexpected Profit of $997 Million (The only US car company that did not receive Obama bailout)
Ford has been having more success than its cross-town rivals at attracting customers, and its newest vehicles are winning commendations from third-party sources like the magazine Consumer Reports, which last week declared Ford’s quality to be “as dependable — or better than — some of the industry’s best.”
The company’s sales in the United States are down 22 percent this year through September, the smallest decline among the six largest automakers, while the industry is down 27 percent over all.
As recently as two years ago, Ford was widely regarded as the laggard of the Detroit Three. (That unwelcome distinction now is held by Chrysler, which intends to outline its future plans with its Italian partner, Fiat, on Wednesday.)
Last year, Ford lost $14.6 billion, the most in its history. Mr. Mulally initially joined the leaders of G.M. and Chrysler in pleading with members of Congress to aid their companies, but Ford later decided to forgo emergency loans.
Despite its improvements, Ford remains heavily in debt. It borrowed $23.5 billion in 2006, a move initially viewed as an ominous sign of its future prospects but which turned out to be extremely fortunate after the credit markets collapsed.
(Excerpt) Read more at nytimes.com …
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