- Jun 27, 2009
Mulally: Ford boosting production to meet demand
2010 Ford Taurus – Click above for high-res image gallery
More good news comes from the Blue Oval camp today as Ford CEO Alan Mulally has said that the automaker plans to "[increase] production to support the desirability of Ford products." Despite a downturn in new car sales, Ford – the only member of the Detroit 3 automakers that has not filed for bankruptcy protection in the last two months – has actually managed to gain a few ever-important percentage points of market share from its global rivals, including fellow American automakers General Motors and Chrysler.
In related news, Mulally says that Ford is well on its way to returning to profitability in 2011 as planned. Last year, Ford recorded its worst-ever loss of $14.8 billion and expects to continue posting smaller losses through 2009 and 2010, but Mulally is confident the company has sufficient funds on hand to finance the turnaround plan made possible by the $23 billion the automaker raised in 2006 shortly before the global economy hit the panic button.
A major portion of Ford's turnaround plan is based on "more and more electrification, both hybrids and battery electric vehicles," said Mulally, which is consistent with stated goals set out by the Obama Administration. Earlier this week, Ford accepted $5.9 billion in U.S. Department of Energy loans to retool factories to build more environmentally friendly cars and trucks.
[Source: Automotive News - sub. req'd]