Word: forded
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Dates: during 1980-1989
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Mexico has often been used by U.S. automakers as a junkyard for dumping outdated models. Now Ford is making a U-turn. The company has decided to cross the border and spend $500million to build a new small car at Hermosillo in northwestern Mexico...
...help make its Mexican car. Ford has teamed up with Toyo Kogyo, Japan's third-largest auto company, after Toyota and Nissan, and the maker of Mazda cars. Toyo Kogyo (1983 sales: $5.8 billion), 25% owned by Ford, will supply engines and transmissions for the Mexican model from its Hiroshima factories...
Most of the plant's annual production of 130,000 cars will be heading north to Ford's American and Canadian dealers, the nearest of which is only 160 miles from the factory. Ford hopes to use the car to replace the Mercury Lynx, whose sales have dropped from 95,000 in 1982 to 79,000 last year. Though Ford has recovered from losses of $658 million in 1982 and had profits of $ 1.1 billion during the first nine months of 1983, the company's overall U.S. market share has dropped from...
...Ford headed south partly to take advantage of Mexico's low wage rates. Though Mexican autoworkers have a reputation for sloppy production, some are paid only 56? an hour, against $12.71 for their U.S. counterparts. Ford expects to employ 3,000 workers when it starts to produce the subcompact in late 1986. American union leaders immediately called the move a threat to job security. The Ford plant will become the second-largest automobile factory in Mexico and a tonic for its sickly auto industry, which last year produced 260,000 cars, down from...
...sell nothing larger than intermediate-size models such the Chevrolet Celebrity and Pontiac A6000. Production of big cars would be restricted to Buick, Oldsmobile and Cadillac. GM would continue to market cars under the present five names. Each part of the bifurcated company would still be larger than either Ford or Chrysler. Word around Detroit last week was that Chevrolet General Manager Robert Stempel, 50, will take over the small-car group, while Buick Boss Lloyd Reuss, 47, will head the large-car group...