Word: fording
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Dates: during 2000-2009
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Moody's also cites a number of recent changes at Ford that should give the automaker's comeback extra kick in the future, including restructuring wages, work rules and retiree health-care elements in its agreement with the United Auto Workers (UAW), as well as some reduction in debt, the maintenance of a sizable liquidity position and a more competitive product portfolio. (Ford obtained concessions on wages identical to those the UAW approved at GM and Chrysler, though Ford is now negotiating for additional work-rule changes and a no-strike clause...
Moody's qualified optimism is echoed by Ford chairman William Clay Ford. "In terms of our industry, I don't think I'll feel better until I see people going back to work. Clearly people without jobs aren't buying vehicles. But having said that, there are encouraging signs of a pickup," he told TIME...
...pulled ourselves up by our bootstraps and we feel very good about that," the Ford chairman added. "There are always competitive issues, but I like the fact that we are the master of our own destiny, and I like the fact that our products are getting rave reviews. I wouldn't trade places with either [GM or Chrysler]." (Read "A Brief History of the Model...
Jesse Toprak, an analyst with TrueCar.com, says that while GM and Chrysler carry smaller debt loads than Ford, the advantage seems rather slender, given Ford's rising stature in the eyes of consumers. A new survey by Consumer Reports shows that potential buyers prefer Ford products to those of either GM or Chrysler. Further, in the latest initial quality studies done by J.D. Power & Associates, Ford was tied statistically with Toyota in terms of overall quality - it's best showing ever...
...That Ford was able to survive this harsh environment on its own is impressive, though much of the feat owes to a savvy decision in 2006 to mortgage all of its assets right down to its blue-oval trademark in exchange for $26 billion," says Toprak. "Taking out the mortgage proved remarkably prescient and allowed the company to avoid bankruptcy as the financial crisis swallowed its domestic rivals...