UPDATE: Ford Unveils Details Of Overhaul Plan As Losses Grow
DETROIT -(Dow Jones)- Ford Motor Co. (F) on Thursday unveiled details of its plan to radically alter its North American product portfolio, as losses continue to mount and expectations for a U.S. auto market recovery are pushed back to 2010.
The second-largest U.S.-based auto maker plans to convert three North American truck and SUV plants to small-car production and introduce six of its European models in the U.S. The company is also accelerating the introduction of more fuel-efficient engines and plans to double production of gasoline-electric hybrid vehicles in 2009.
The moves represent a strategic shift for an auto maker that, like its Detroit rivals, has relied on sales of trucks and SUVs for the bulk of its North America revenue for more than a decade. Auto makers are scrambling to adjust to shifting consumer preferences as U.S. gasoline prices are above $4 a gallon and economic conditions remain weak.
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Ford said it expects the U.S. economic recovery to begin by early 2010, with U.S. auto industry sales returning to trend levels as the economy returns to health. U.S. auto sales are currently at their lowest levels in about 15 years.
Ford Chief Financial Officer Don Leclair said Thursday that the performance of the U.S. auto industry in 2009 will likely "mirror" that of 2008.
He said the auto maker has enough cash to carry out its plans to convert the truck and SUV plants and wait out an upswing in the U.S. economy. He said Ford, which raised about $23 billion in late 2006 by offering up nearly all its assets as collateral, won't need to seek additional funding. [...]
For years Ford has been talking about making it's diesel version of the Ford Focus available here in the USA, but they have as yet to follow through on that. It was an appealing option to me... until recently, when I last looked, diesel prices here had gone higher than regular gas.
We will be looking at their hybrid options.
1 comment:
Look into a Ford Escape. We have a 3.0 Liter version, automatic 4WD with 16 inch wheels that gets 25 mpg while producing 200 HP.
It's nimble and surefooted
We bought the '06 las year with 27 K on the clock with a certified warranty of five years for just about 16 grand.
They have an unsurpassed owner rating of 92 percent on Edmunds.com.
It's by far the best vehicle we've owned.
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