AN CONGRESS: Ford bounces back from "worst recession since Depression"
Ford CEO, Alan Mulally, has painted a rosy picture of the automaker following the repayment of a US$23.5bn loan that has seen strong recovery in its domestic market following the economic crisis of a few years ago.
"This is the worst recession we have recovered from since the Depression," Mulally told delegates at the Automotive News World Congress in Detroit. "That is why we need to encourage our legislators to look through the lens of economic development.
"We are [also] working on free trade agreements that are a little bit more fair."
Part of Ford's home recovery follows the inking of the transformation agreement with the UAW union that Mulally insists made the automaker competitive "with the best companies in the world".
The turnaround has not been without pain, however, with Ford engaging in "gut-wrenching restructuring" that saw it take out 50% of its assets but not resort to access "precious taxpayers' money", added the CEO. "I can't imagine moving faster than we did."
Despite the optimistic US picture, Mulally nonetheless highlighted woes across the Atlantic where Ford plans to shutter its Genk plant in Belgium next year with the loss of 4,300 jobs.
"Europe - never seen anything quite like it - the sovereign debt is a real issue," said Mulally. "Huge competitive issues about competing on a world stage - tremendous unemployment and no real clear solution in sight.
"Europe is still slowing down - we do not have an answer for this sovereign debt. We need a real solution that brings together fiscal and monetary policy. Having said that, it is still a large market - we can be profitable with the restructuring by mid-decade.
"When I look at some of the people not taking that action, it might be a bit longer."
After it looked a bit like just-auto had become part of the global Toyota PR machine last week, this week, for a day or two at least, you could have been forgiven for thinking we had now 'crossed over...
Over 500 vehicles have been updated in our live database of current and future new passenger car product over the past week, and we've added new future models....
The 2013 Goodwood Festival of Speed was held between 11-14 July inclusive, with many vehicles making their global debuts....
Industry production cuts of 1.5m to 2m vehicles in Europe that have occurred or are announced still leave output well above demand, Ford's European chief Stephen Odell said....
Only weeks after launching the new, locally made EcoSport compact crossover in India, Ford has recalled almost 1,000 units to check for a potential problem with the glow plug module used to help start...
Renault might have to be as patient in trying to establish electric cars on the market as Toyota was over the introduction of hybrids, a top executive said....
- ANALYSIS: VW's self-defeating defeat devices
- CEO says Citroen wants to be quirky again
- Volvo's engine and platform independence progress
- Advanced tech previews from OEMs - PLDB
- Indian summer for SsangYong - ANALYSIS
- Jaguar Land Rover expands engine plant capacity
- VW Group reins in capital spending
- Takata manipulated test results back to 2000
- Bosch investigated for role in VW scandal
- Prosecutors eye VW workers for emissions tax evade
- Global light vehicle instrumentation and cockpits market- forecasts to 2030
- Global light vehicle OE shock absorbers market- forecasts to 2030
- Global light vehicle electronic braking market- forecasts to 2030
- Global light vehicle OE mirrors market- forecasts to 2030
- Global light vehicle roof systems market- forecasts to 2030