Word: forde
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...expects to have trimmed $12 billion in costs. GM also cut its advertising spending in half this year, which doesn't exactly stimulate sales. Bottom line: the next 12 to 18 months are perilous for both companies - and they'll need a modest improvement in sales just to survive. Ford, meanwhile, has played a difficult hand quite deftly. Despite a drop in sales volume, it has outperformed the market during the second quarter, reclaiming second place in total sales from Toyota and closing in on GM. (See 10 ways your job will change...
...rental-fleet sales down for good? Jim Farley, Ford group executive for sales and marketing, says rental fleets are starting to look for replacements for worn-out vehicles. Rental fleets have kept cars in service longer than in the past, but they're going to have to pay more for replacements now because automakers have slashed assembly capacity. One of the reasons Chrysler sales have dropped so dramatically this year is that the company withdrew from the fleet business because it was unprofitable...
...year, and it just reported a 3% increase in June. Audi is another carmaker showing signs of gaining share in a difficult market. While its sales are down slightly, Audi now holds more than 9% of the U.S. luxury market, its largest share in years. (Watch an interview with Ford CEO Alan Mulally...
...beginning of his professional career, he made a name for himself as the wunderkind who reformed the ailing Ford Motor Co. At the end, he tried to rehabilitate his reputation, as a do-gooder striving to save the globe's poorer nations as head of the World Bank. But Robert McNamara, who died early Monday morning in his sleep at home at the age of 93 (his wife Diana told the Associated Press he had been in failing health for some time), will always be best known for his role as the architect of Washington's failed Vietnam policy...
...Harvard Graduate School of Business, tilted power away from the uniformed Joint Chiefs, who had held sway during the Truman and Eisenhower administrations, and toward his own team of brainy young civilian experts. McNamara's "whiz kids" engaged in the kind of "qualitative analysis" he had used to turn Ford around and which he believed would lead to a better and less costly military. But their approach didn't work so well during peacetime - McNamara spent a lot of time developing a "flexible response" strategy for nuclear war - and, combined with overly compliant military leaders during Vietnam, his team failed...