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Alan Mulally has no experience building cars. He isn't well known in Detroit, having spent more than three decades in Seattle as an engineer and senior executive with Boeing. Up until yesterday, when he was named CEO of Ford Motor Co., replacing Bill Ford, he drove a Lexus - a plush ride, to be sure, but not a car you'd drive to Lions football games as a Motown exec. "That Lexus has been destroyed," Bill Ford joked in an interview with TIME. "We had it vaporized during yesterday's press conference." Mulally, for his part, acknowledges...
...these are desperate times in Dearborn. Since 2001, Ford Motor has suffered more than $9 billion in losses from its North American auto operations. Companywide, Ford lost $254 million in the second quarter. Ford's market share in August, 16.8%, was the second lowest on record. Sales of pickup trucks and SUVs, Ford's only major profitable segments, have plummeted in the last year, hit by high gas prices and stiff competition from GM and Toyota. A 21% production cut is in store for the rest of the year. Any way you slice it, Ford is shrinking fast...
Harvard Corporation member Robert E. Rubin ’60 has resigned from the board. No, not that board. In fact, although Rubin stepped down from Ford Motor Company’s board last Thursday, he says he has no plans to leave Harvard’s executive board any time soon. Rubin, who has served on the Corporation since April 2002, was former University President Lawrence H. Summers’ most adamant supporter on the Harvard board this past winter. That put him at odds with his fellow Corporation members, who—sources say—pushed...
...when the U.S. Army wanted to design a better vehicle for Iraqi-style urban warfare, its Tank-automotive and Armaments Command's National Automotive Center (NAC) contracted several companies - including Ford Motor Co. and Integrated Concepts and Research Corp. (ICRC) - to develop a gadget-laden, all-terrain vehicle in the style of the ever-equipped James Bond. "The truck's design team drew inspiration from 007 movies," NAC spokesperson for the Army's National Automotive Center, Germane Fuller told TechWeb...
...speculation that the Ford family was thinking of either taking company private or even preparing for a possible merger or alliance with another auto giant or even selling off parts of the company like Jaguar and Volvo."It suggests that some large changes are happening at the Ford Motor Co. that go way beyond the 'Way Forward' plan,"says John Casesa, a consultant with the CasesaShapiro LLC in New York City, who doesn't rule out the possibility of a merger, an alliance with another automaker or even the injection of private capital...