History of Ford Motor Company
Alen Badal
The Union Institute
F
www.ford.com
Ford recently received $5.9 billion in Energy Department loans to help retool its plants.m
Illinois, Kentucky, Michigan, Nlissouri. and Ohio to produce 13 fuel-efficient models, including 5,000 to 10,000 eiectric cars per year starting in2011. In mid-2009, Nissan Motor was granted $1.6 billion in loans also from the U.S. Department of Energy to build as many as 100,000 electric cars a year at its plant in Smyrna, Tennessee, by 2013.
Ford's newest competitor may be the U.S. government because GM and Chrysler LLC are in line to get $62 billion in investments from the U.S. Treasury. GM and Chrysler have cut their debt and closed hundreds of dealers with that money, while Ford still has $33 biilion in debt including its obligations to retirees. Since CEO Alan Mulalty's arrival at Ford ln 2006, the company has cut 40,000 jobs and closed 17 plants, reducing costs by more than $5 biilion. Ford has a $10 billion note that comes due in 2011.
Ford increased its production 16 percent in the third quarter of 2009 versus the third quarter of 2008. This was good news for Ford shareholders and customers. In May 2009, Toyota posted a $4.4 biilion loss for its fiscal year, the fust time Toyota posted an annual loss since 1963'
Virtually all automobile companies are suffering in the bad economy. Ford is on track, however' to break even or perhaps make a profit in 2011.
Ford is aiso trying to sell its Volvo division but has decided to wait untii GM completes the sale of its Opel division in effofts to get a higher price for Volvo. Three firms as of August
2009 were bidding on Volvo: Geely Holding Gto,,,p. Beijing Automotive Industry Holding, and fust a Europe-based group of investors. Sales of Volvo in the United States fell 36 percent in the six months of 2009 as compared to 2008.
An American icon for over a century, Ford's revenue decreased from $172.5 billion in2007 to $146.3 billion in 2008. Born in 1863,
The Union Institute
F
www.ford.com
Ford recently received $5.9 billion in Energy Department loans to help retool its plants.m
Illinois, Kentucky, Michigan, Nlissouri. and Ohio to produce 13 fuel-efficient models, including 5,000 to 10,000 eiectric cars per year starting in2011. In mid-2009, Nissan Motor was granted $1.6 billion in loans also from the U.S. Department of Energy to build as many as 100,000 electric cars a year at its plant in Smyrna, Tennessee, by 2013.
Ford's newest competitor may be the U.S. government because GM and Chrysler LLC are in line to get $62 billion in investments from the U.S. Treasury. GM and Chrysler have cut their debt and closed hundreds of dealers with that money, while Ford still has $33 biilion in debt including its obligations to retirees. Since CEO Alan Mulalty's arrival at Ford ln 2006, the company has cut 40,000 jobs and closed 17 plants, reducing costs by more than $5 biilion. Ford has a $10 billion note that comes due in 2011.
Ford increased its production 16 percent in the third quarter of 2009 versus the third quarter of 2008. This was good news for Ford shareholders and customers. In May 2009, Toyota posted a $4.4 biilion loss for its fiscal year, the fust time Toyota posted an annual loss since 1963'
Virtually all automobile companies are suffering in the bad economy. Ford is on track, however' to break even or perhaps make a profit in 2011.
Ford is aiso trying to sell its Volvo division but has decided to wait untii GM completes the sale of its Opel division in effofts to get a higher price for Volvo. Three firms as of August
2009 were bidding on Volvo: Geely Holding Gto,,,p. Beijing Automotive Industry Holding, and fust a Europe-based group of investors. Sales of Volvo in the United States fell 36 percent in the six months of 2009 as compared to 2008.
An American icon for over a century, Ford's revenue decreased from $172.5 billion in2007 to $146.3 billion in 2008. Born in 1863,