Word: forde
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...Ford Motor Co., which bought loss-making Land Rover from BMW for $2.6 billion in 2000, must be relieved. Especially since Ford, which lost $5.45 billion last year, is making Range Rover and other luxury European models central to its latest restructuring plan. By 2005, the U.S. automaker wants its Premier Automotive Group (PAG) - Land Rover, Jaguar, Volvo and Aston Martin, plus Lincoln, its upmarket American marque - to contribute 35% of its profits, up from a current 13%. To accomplish that, overall sales of the five brands must soar 51%. That's a tough goal, but PAG president Wolfgang Reitzle...
...Ford's recent strength has been U.S. truck sales, but that's a market that's losing pep. So it makes sense to turn to its premier line - cars that don't sell in huge numbers but have high prices and wide margins - to more than compensate. "Only with premium brands can you make margins of around 8%" in an industry where the average is 3% to 4%, says Phil Dunne, auto consultant at A.T. Kearney in London...
...bolster profitability Ford is planning some component sharing among the PAG models, a risky tactic. "You don't want customers saying a Jaguar is just a dressed-up Ford," Dunne says. To avoid that problem, Ford is sharing only those parts customers can't see or touch, like electronics. Says Harry Roegner, PAG spokesman: "Electronic architecture makes up a third of the cost of a car, and in the future it will be 50%. Do you see that cabling and wiring?" In another economy move, Ford is consolidating the backroom operations of Land Rover, Jaguar and Aston Martin...
Elliot Richardson held many high level positions in the federal government. During the Nixon administration, he served at various times as secretary of health, education and welfare, secretary of defense and attorney general. And under the Ford administration, he was secretary of commerce and ambassador to Great Britain...
...Taylor raised more than $1.2 million dollars for Harvard’s Nieman Fellowship for journalists, matching a donation from the Ford Foundation...