Word: forde
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They're fighting back with gusto. This year about 40 new vehicles will hit showrooms, the result of an estimated $12 billion to $15 billion development effort to reclaim American buyers. Eye candy like the redesigned Ford Mustang and a trimmer, more powerful Chevrolet Corvette are sure to draw some of the biggest crowds at this week's North American International Auto Show in Detroit. Everything from the dated Ford Taurus to Chevy's entry-level Cavalier has been either retooled or replaced altogether. Even boring old wagons are enjoying a renaissance, with better styling and handling, and creature comforts...
...track. Market share of the Big Three, plagued by increased competition and poor reliability ratings, fell from 73% of all vehicles sold in the U.S. in 1996 to just 60% in 2003. That's an estimated loss of some $13 billion in profits in a $400 billion U.S. market. Ford hasn't released a new car since 1999, when it launched the compact Focus. Because foreign-car brands have become so alluring, "the biggest challenge for domestic manufacturers is not so much keeping customers but getting them in the first place," says Joe Ivers of J.D. Power & Associates, who notes...
...check and reducing its pension liability with a more risk-averse portfolio, GM impressed investors enough to end 2003 with its stock price up 37%. GM also boasts the highest productivity of the Big Three, requiring 36.7 worker-hours to build a vehicle, compared with nearly 40 at Ford, according to a Deutsche Bank report...
...FORD: Mustang Leads the Charge...
...absolutely going to make money on the car business," declares Ford chairman and CEO William Clay Ford Jr. That would be nice. Ford has been leaking money the way an old radiator does water, losing a combined $6.4 billion in 2001 and 2002. The No. 2 U.S. automaker, with sales of $133 billion, expects to post a slim profit...