Word: fording
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Dates: during 2000-2009
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...Detroit Three, they don't have a choice this week. The weenies at Ford announced they were selling two jets (meaning, of course, that lower-ranking execs will be flying Northwest to the plant in Valencia) and driving a Ford Escape hybrid to Washington. GM has caved completely and shut down its air force, throwing 50 people out of work. (Thanks, Congressman Ackerman!) Maybe the President should send his helicopter for the GM honchos. He doesn't really have use for it now. And when some truly desperate Americans need a dramatic rescue, sending in Marine...
With sales tumbling to levels last seen back in the 1950s, General Motor Corp., Ford Motor Co. and Chrysler LCC updated plans for restructuring and justifying requests for billions in federal...
...Even Ford, which said it would not need federal cash in 2009, said it needed a $9 billion line of credit on which it could draw if necessary. "For Ford, government loans would serve as a critical backstop or safeguard against worsening conditions, as we drive transformational change in our company," said Ford President and CEO Alan Mulally. (See the 50 worst cars of all time...
...Overall industry sales dropped 35% in November. Ford actually beat the industry, reporting a sales drop of 30% but GM reported a 41% drop and Chrysler's fell 42%. Nissan's sales dropped 44%, Toyota fell 35% and Honda fell a similar amount. "We cannot continue to operate at these levels or the entire industry is going to go down," said Mike DiGiovanni, GM's director of market analysis, who acknowledged the steep drop in sales in October and November was devastating to the company's finances...
...Automakers also took steps to avoid the kind of public relations disaster that dogged their first aid-seeking trip to Washington D.C. last month Ford chief executive Alan Mulally and Chrysler Chairman Robert Nardelli said they would drive to Washington D.C. Mulally, in a carefully worded statement, also said he would reduce his $21 million salary to $1 if the company tapped the federal line of credit...