Ford is definitely one of the big Three...
10-23-08, 10:33 AM
#16
Lexus Fanatic
There's an old saying.........if you're going to buy stocks, never invest money you need to live on; it's risky. Money going into bonds, especially municipal bonds, is a lot safer. However, Ford is larger and more financially flexible than Chrysler, and, though a possiblilty, I don't think will be as likely to fold.
10-23-08, 10:37 AM
#17
Lead Lap
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Exactly, hence the small investment. I feel like it has little room to go down, not saying that it can't or won't. But, if I were to wait a year, two, three, whatever it takes for it to hit $5 or $9 or one would hope $20 I would be in the green.
10-23-08, 01:32 PM
#18
Moderator
Ford eyes Mazda options
By Jonathan Soble in Tokyo
Thursday Oct 23 2008 14:05
As America's hapless car companies have piled up tens of billions of dollars in losses, a once-struggling Japanese producer has rebounded under an unlikely steward: Detroit's own Ford Motor (NYSE:F) .
Questions now hang over Ford's successful relationship with Mazda, Japan's sixth-largest carmaker, as it seeks to raise cash by offloading part of its one-third stake in the Hiroshima-based group.
According to bankers, Ford is considering selling about 20 per cent of Mazda - which has recovered under Ford managers after a slump that began in the early 1990s - to a broad consortium of Japanese buyers, mainly parts suppliers, trading firms and insurance companies.
It is a sign, if one were needed, of just how badly US carmakers are hurting. Ford has held on to Mazda, which it has part-owned since 1979 and with which it is increasingly integrated, even as it has sold off prestige brands such as Jaguar and Land Rover.
"They would be giving up a valuable asset for a relatively small amount of cash," says Koji Endo, analyst at Credit Suisse. "If they do go ahead and sell it would show how bad their fundamentals are."
Indeed, Ford would raise just Y62bn ($624m) in the proposed sale - less cash than it burns in a typical month. In spite of Mazda's return to profit its share price has fallen by more than half since January, owing to a strengthening yen and crumbling car markets in the US, Europe and Japan.
In part for that reason, bankers and analysts say a deal is not assured. Ford would in any case remain Mazda's biggest shareholder, underpinning a relationship that has evolved over three decades from a limited parts and distribution deal to a broad-based design and manufacturing alliance.
"The impact would probably be small on the operations side," says Hirofumi Yokoi, analyst at CSM Worldwide, a market re-search firm. "Whatever the capital relationship, Ford and Mazda need each other too much now."
The companies share platforms across their ranges, with Mazda leading development of compacts such as the Ford Fiesta/Mazda 2 and Ford heading up light trucks and crossovers. They also share stakes in a Chinese joint venture and a growing light-truck operation in Thailand, which exports to Australia, among other places, and plans to expand into car production next year.
If anything, the companies' mutual reliance has only deepened with the global financial crisis and the recent sales-shaking spike in oil prices. Ford needs Mazda's small-car expertise as it shifts away from fuel-guzzling trucks and 4x4s, while Mazda could not pay for expensive research and development without the large sales volume delivered by Ford.
To optimists, Ford's success with Mazda may provide some hope that it can turn itself round. The company sent four successive chief executives to Mazda: they cut costs, launched new and improved models and sharpened marketing, making the Japanese company a funnel through which top Ford managers have passed. The current heads of Ford's US and European operations as well as its chief North American car designer did stints in Hiroshima.
By Jonathan Soble in Tokyo
Thursday Oct 23 2008 14:05
As America's hapless car companies have piled up tens of billions of dollars in losses, a once-struggling Japanese producer has rebounded under an unlikely steward: Detroit's own Ford Motor (NYSE:F) .
Questions now hang over Ford's successful relationship with Mazda, Japan's sixth-largest carmaker, as it seeks to raise cash by offloading part of its one-third stake in the Hiroshima-based group.
According to bankers, Ford is considering selling about 20 per cent of Mazda - which has recovered under Ford managers after a slump that began in the early 1990s - to a broad consortium of Japanese buyers, mainly parts suppliers, trading firms and insurance companies.
It is a sign, if one were needed, of just how badly US carmakers are hurting. Ford has held on to Mazda, which it has part-owned since 1979 and with which it is increasingly integrated, even as it has sold off prestige brands such as Jaguar and Land Rover.
"They would be giving up a valuable asset for a relatively small amount of cash," says Koji Endo, analyst at Credit Suisse. "If they do go ahead and sell it would show how bad their fundamentals are."
Indeed, Ford would raise just Y62bn ($624m) in the proposed sale - less cash than it burns in a typical month. In spite of Mazda's return to profit its share price has fallen by more than half since January, owing to a strengthening yen and crumbling car markets in the US, Europe and Japan.
In part for that reason, bankers and analysts say a deal is not assured. Ford would in any case remain Mazda's biggest shareholder, underpinning a relationship that has evolved over three decades from a limited parts and distribution deal to a broad-based design and manufacturing alliance.
"The impact would probably be small on the operations side," says Hirofumi Yokoi, analyst at CSM Worldwide, a market re-search firm. "Whatever the capital relationship, Ford and Mazda need each other too much now."
The companies share platforms across their ranges, with Mazda leading development of compacts such as the Ford Fiesta/Mazda 2 and Ford heading up light trucks and crossovers. They also share stakes in a Chinese joint venture and a growing light-truck operation in Thailand, which exports to Australia, among other places, and plans to expand into car production next year.
If anything, the companies' mutual reliance has only deepened with the global financial crisis and the recent sales-shaking spike in oil prices. Ford needs Mazda's small-car expertise as it shifts away from fuel-guzzling trucks and 4x4s, while Mazda could not pay for expensive research and development without the large sales volume delivered by Ford.
To optimists, Ford's success with Mazda may provide some hope that it can turn itself round. The company sent four successive chief executives to Mazda: they cut costs, launched new and improved models and sharpened marketing, making the Japanese company a funnel through which top Ford managers have passed. The current heads of Ford's US and European operations as well as its chief North American car designer did stints in Hiroshima.
10-24-08, 09:11 AM
#19
Moderator
10/24/2008 09:50:18 AM EDT -- Detroit Free Press
Ford called most reliable of U.S.-brand cars, trucks: Dearborn automaker said to be gaining fast on Japanese rivals
Oct. 24--Ford Motor Co. builds the most reliable American-brand cars and trucks. So said Consumer Reports, in its respected Annual Car Reliability Survey, which was released Thursday during an Automotive Press Association luncheon in downtown Detroit. "Ford is doing exceptionally well," David Champion, the senior director of Consumer Reports' Auto Test Division, said during a presentation at the Detroit Athletic Club. "Nearly all Fords are average or above," he said. "They are extremely close to Toyota and Honda."
While Consumer Reports said Detroit's other automakers presented "a mixed bag" -- with General Motors Corp. brands posting inconsistent results and Chrysler delivering a strikingly poor showing across-the-board -- it said Japanese automakers remain the most reliable overall. Korean automakers also are posting commendable improvements.
Consumer Reports' ratings are based on survey responses this spring from more than 1.4 million online and print subscribers to the magazine.
Despite Ford's strong performance, Consumer Reports, which is based in Yonkers, N.Y., said the top 10 most-reliable brands sold in America are all owned by Asian automakers.
Even more noteworthy: Toyota Motor Corp. and Honda Motor Co. brands own the top five rankings.
Toyota's youth brand, Scion, took the No. 1 spot in the survey. Honda's Acura and Honda brands took No. 2 and No. 3 spots, respectively. The Toyota brand, meanwhile, placed No. 4, while the company's luxury Lexus brand was No. 5.
One of the study's more interesting findings, though -- especially in these economically trying times -- is that fuel-efficient models, such as the Smart ForTwo, which gets an estimated 39 miles per gallon, are also the most reliable. That includes hybrids, despite industry concerns that batteries and other new technology might not hold up.
"We haven't actually seen that," Champion said. "They all get better reliability than their regular counterparts. They seem to be very reliable."
Ford pulls away from pack
While Ford's brands didn't win top awards and its F-250 turbodiesel 4WD was ranked one of the least-reliable vehicles, Consumer Reports singled out the Dearborn automaker for special treatment in its December issue announcing the results.
Consumer Reports chose a beauty shot of the Ford Fusion midsize sedan for its cover. And inside, it lauds the automaker for continuing "to pull away from the rest of Detroit."
"Ford's reliability is now on par with good Japanese automakers," the December magazine says.
On Thursday, Ford, which has lost almost $24 billion over the last 2 1/2 years, was celebrating the latest recognition from an independent organization, calling it evidence of its disciplined new approach to engineering successful cars and trucks for the future.
"It's truly wonderful," Bennie Fowler, Ford's group vice president for global quality, told the Free Press on Thursday. "We want to be the best in the world, bar none."
He credited continually improving processes at Ford for the performance -- especially Ford's virtual product development centers -- as well as increasingly strong relationships with the UAW, suppliers and the company's internal departments.
Ford now designs, engineers and manufactures vehicles in a virtual world before the first vehicles are built.
"We have up to 40,000 checks now we do before we build our first prototype," Fowler said. "We get better every day."
At GM, Consumer Reports singled out the company's Chevrolet Malibu for a strong performance in its first year. The Buick Lucerne with a V8 and Pontiac G6 with a 4-cylinder engine are also above average.
However, it said that "a quarter of GM models are still well below average in reliability." That included the Cadillac CTS, Buick Enclave, GMC Acadia and Saturn Outlook.
Chrysler, though, was the automaker to receive the most criticism from Consumer Reports.
When consumers pick up their December issue of the magazine, this is what they will be told about the Auburn Hills-based automaker:
"Chrysler trails the pack. Almost two-thirds of its products rate below average for reliability. The redesigned 2008 Chrysler Town & Country and Dodge Grand Caravan minivans earned low scores, as did the Chrysler Sebring V6 and Dodge Avenger sedans and the Jeep Liberty SUV. The Sebring Convertible has the worst score: 283% worse than average.
"The only above-average models are the Dodge Caliber hatchback and Jeep Patriot SUV."
What's more, Chrysler posted the biggest decline in the survey, falling 13 spots.
In a statement, Chrysler said: "We are not satisfied with our performance, and we continue to work aggressively to improve every aspect of customer satisfaction."
Toyota regains confidence
Last year, Consumer Reports called out three Toyota models that fell below average. That included the Camry V6, Tundra V8 4WD and the Lexus GS AWD.
This year, Toyota seems to have rectified some of the problems and all of the company's 42 models in the survey scored average or better. The models that had slipped are now above average again.
The prior dip in Toyota's performance caused the automaker to lose its automatic recommended ratings from the magazine, and Consumer Reports did not restore that automatic rating in light of this year's improvement.
That means Honda, whose fuel-efficient car lineup has been a standout seller this year, and Subaru are the only automakers who receive automatic recommended ratings from the magazine because of their consistent performance.
Contact SARAH A. WEBSTER at 313-222-5394 or swebster@freepress.com.
To see more of the Detroit Free Press, or to subscribe to the newspaper, go to http://www.freep.com Copyright (c) 2008, Detroit Free Press Distributed by McClatchy-Tribune Information Services. For reprints, email tmsreprints@permissionsgroup.com, call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA.
Copyright © 2008 Acquire Media. All rights reserved.
All information provided is subject to terms of use.
Ford called most reliable of U.S.-brand cars, trucks: Dearborn automaker said to be gaining fast on Japanese rivals
Oct. 24--Ford Motor Co. builds the most reliable American-brand cars and trucks. So said Consumer Reports, in its respected Annual Car Reliability Survey, which was released Thursday during an Automotive Press Association luncheon in downtown Detroit. "Ford is doing exceptionally well," David Champion, the senior director of Consumer Reports' Auto Test Division, said during a presentation at the Detroit Athletic Club. "Nearly all Fords are average or above," he said. "They are extremely close to Toyota and Honda."
While Consumer Reports said Detroit's other automakers presented "a mixed bag" -- with General Motors Corp. brands posting inconsistent results and Chrysler delivering a strikingly poor showing across-the-board -- it said Japanese automakers remain the most reliable overall. Korean automakers also are posting commendable improvements.
Consumer Reports' ratings are based on survey responses this spring from more than 1.4 million online and print subscribers to the magazine.
Despite Ford's strong performance, Consumer Reports, which is based in Yonkers, N.Y., said the top 10 most-reliable brands sold in America are all owned by Asian automakers.
Even more noteworthy: Toyota Motor Corp. and Honda Motor Co. brands own the top five rankings.
Toyota's youth brand, Scion, took the No. 1 spot in the survey. Honda's Acura and Honda brands took No. 2 and No. 3 spots, respectively. The Toyota brand, meanwhile, placed No. 4, while the company's luxury Lexus brand was No. 5.
One of the study's more interesting findings, though -- especially in these economically trying times -- is that fuel-efficient models, such as the Smart ForTwo, which gets an estimated 39 miles per gallon, are also the most reliable. That includes hybrids, despite industry concerns that batteries and other new technology might not hold up.
"We haven't actually seen that," Champion said. "They all get better reliability than their regular counterparts. They seem to be very reliable."
Ford pulls away from pack
While Ford's brands didn't win top awards and its F-250 turbodiesel 4WD was ranked one of the least-reliable vehicles, Consumer Reports singled out the Dearborn automaker for special treatment in its December issue announcing the results.
Consumer Reports chose a beauty shot of the Ford Fusion midsize sedan for its cover. And inside, it lauds the automaker for continuing "to pull away from the rest of Detroit."
"Ford's reliability is now on par with good Japanese automakers," the December magazine says.
On Thursday, Ford, which has lost almost $24 billion over the last 2 1/2 years, was celebrating the latest recognition from an independent organization, calling it evidence of its disciplined new approach to engineering successful cars and trucks for the future.
"It's truly wonderful," Bennie Fowler, Ford's group vice president for global quality, told the Free Press on Thursday. "We want to be the best in the world, bar none."
He credited continually improving processes at Ford for the performance -- especially Ford's virtual product development centers -- as well as increasingly strong relationships with the UAW, suppliers and the company's internal departments.
Ford now designs, engineers and manufactures vehicles in a virtual world before the first vehicles are built.
"We have up to 40,000 checks now we do before we build our first prototype," Fowler said. "We get better every day."
At GM, Consumer Reports singled out the company's Chevrolet Malibu for a strong performance in its first year. The Buick Lucerne with a V8 and Pontiac G6 with a 4-cylinder engine are also above average.
However, it said that "a quarter of GM models are still well below average in reliability." That included the Cadillac CTS, Buick Enclave, GMC Acadia and Saturn Outlook.
Chrysler, though, was the automaker to receive the most criticism from Consumer Reports.
When consumers pick up their December issue of the magazine, this is what they will be told about the Auburn Hills-based automaker:
"Chrysler trails the pack. Almost two-thirds of its products rate below average for reliability. The redesigned 2008 Chrysler Town & Country and Dodge Grand Caravan minivans earned low scores, as did the Chrysler Sebring V6 and Dodge Avenger sedans and the Jeep Liberty SUV. The Sebring Convertible has the worst score: 283% worse than average.
"The only above-average models are the Dodge Caliber hatchback and Jeep Patriot SUV."
What's more, Chrysler posted the biggest decline in the survey, falling 13 spots.
In a statement, Chrysler said: "We are not satisfied with our performance, and we continue to work aggressively to improve every aspect of customer satisfaction."
Toyota regains confidence
Last year, Consumer Reports called out three Toyota models that fell below average. That included the Camry V6, Tundra V8 4WD and the Lexus GS AWD.
This year, Toyota seems to have rectified some of the problems and all of the company's 42 models in the survey scored average or better. The models that had slipped are now above average again.
The prior dip in Toyota's performance caused the automaker to lose its automatic recommended ratings from the magazine, and Consumer Reports did not restore that automatic rating in light of this year's improvement.
That means Honda, whose fuel-efficient car lineup has been a standout seller this year, and Subaru are the only automakers who receive automatic recommended ratings from the magazine because of their consistent performance.
Contact SARAH A. WEBSTER at 313-222-5394 or swebster@freepress.com.
To see more of the Detroit Free Press, or to subscribe to the newspaper, go to http://www.freep.com Copyright (c) 2008, Detroit Free Press Distributed by McClatchy-Tribune Information Services. For reprints, email tmsreprints@permissionsgroup.com, call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA.
Copyright © 2008 Acquire Media. All rights reserved.
All information provided is subject to terms of use.
10-27-08, 08:29 AM
#20
Moderator
Ahead of the Bell: Report says Ford may sell Volvo
Monday October 27, 9:12 am ET
Report: Ford Motor considering sale of slow-selling Volvo to BMW in push to raise cash
NEW YORK (AP) -- Ford Motor Co. may be joining the ranks of U.S. automakers seeking to shed operations, as a newspaper reported Sunday the industry bellwether is weighing a sale of the slow-selling Volvo brand to BMW AG.
ADVERTISEMENT
Citing sources familiar with the matter, The Sunday Times of London reported Ford may sell the Swedish car unit as part of a push to raise cash.
Ford, based in Dearborn, Mich., would be the latest U.S. automaker seeking to jettison operations as the industry scrambles to cut costs in the wake of a precipitous drop in sales. The company did not immediately respond to a request for comment Monday morning.
Vehicle sales in the U.S. are down 13 percent for the first nine months of the year. Ford sales alone are down 17 percent during the same period, while Volvo sales have plunged 26 percent.
General Motors Corp. has said it is considering a sale of its Hummer brand, while Chrysler LLC has announced it is weighing options for its Viper nameplate. Meanwhile, the two companies have been widely reported to be in talks about a possible combination.
Monday October 27, 9:12 am ET
Report: Ford Motor considering sale of slow-selling Volvo to BMW in push to raise cash
NEW YORK (AP) -- Ford Motor Co. may be joining the ranks of U.S. automakers seeking to shed operations, as a newspaper reported Sunday the industry bellwether is weighing a sale of the slow-selling Volvo brand to BMW AG.
ADVERTISEMENT
Citing sources familiar with the matter, The Sunday Times of London reported Ford may sell the Swedish car unit as part of a push to raise cash.
Ford, based in Dearborn, Mich., would be the latest U.S. automaker seeking to jettison operations as the industry scrambles to cut costs in the wake of a precipitous drop in sales. The company did not immediately respond to a request for comment Monday morning.
Vehicle sales in the U.S. are down 13 percent for the first nine months of the year. Ford sales alone are down 17 percent during the same period, while Volvo sales have plunged 26 percent.
General Motors Corp. has said it is considering a sale of its Hummer brand, while Chrysler LLC has announced it is weighing options for its Viper nameplate. Meanwhile, the two companies have been widely reported to be in talks about a possible combination.
10-27-08, 01:25 PM
#22
Moderator
10/27/2008 08:47:23 AM EDT -- Reading Eagle (PA)
Model of affection: A 91-year-old Exeter Township man owns a Model T almost as old as him. He's had it for more than half a century, and it's his...
Oct. 27--At the wheel of his 1918 Model T Ford, 91-year-old Ray C. Miller Sr. grins like a teenager cruising in his fi rst car. Miller of Exeter Township waves to bystanders and unleashes blasts of the "oooga" horn as if he was driving the lead car in a Fourth of July parade. One year older than the vintage car, Miller has a priceless piece of American history, and he knows it. "The Model T put America on wheels," bragged Miller, a devoted Ford man. It's been 100 years since the fi rst Model T rolled off the assembly line at Ford's Piquette Plant in Detroit. Ford Motor Co. was only 5 years old when founder Henry Ford unveiled what he dubbed "the universal car" Sept. 27, 1908. America has never been the same. For the first time, the average American could afford a car. Where handcrafted cars of the era could cost $2,000 to $3,000, the assembly line-produced 1909 Model T touring car sold for $850. Eventually, due to the efficiency of mass production, some models sold for as low as $440. By 1918, half of all cars in America were Model Ts. From 1909 until production ended in 1927, Ford made 15 million Model Ts and established a production record that stood for 45 years. A lifetime devotion
Horse and buggy was still the preferred mode of transportation when Ray Miller was born in 1917 -- the year the United States entered World War I.
In Strausstown, where Miller grew up, his family walked a half-mile to Sunday services at Zion Blue Mountain Church.
"A fella had a Model T," recalled Miller, a retired millwright. "When he'd come along, we'd jump on the running board and get a ride to church."
That childhood encounter with the Model T fueled a lifetime of devotion to Ford cars -- don't even talk to him about Chevys.
In 1954, when he was 37, Miller bought the 1918 fiveseater touring car from a farmer in Bernville. The vehicle recently took first place at the Hershey Auto Show.
The car, as Miller recalls, was bought at Earl Stoyer's dealership in Schuylkill Haven. In those days, though, buyers had to go to Buffalo to pick up the car.
The farmer did, and ran it into a ditch on the way home.
"He put it in the barn and left it there until I bought it in 1954," Miller said. "I'm only the second owner of a 90-year-old car."
Miller passed on his love of cars to his sons, especially Ray Jr., Merlin and Michael.
Ray Jr., of Leesport, an accomplished car collector, has two Model Ts -- a 1926 coupe and a 1926 pickup truck.
Merlin, also of Leesport, works on the family's Model T collection but prefers racing his championship Sunbeam Tiger at hill climbs and on road courses around the East Coast.
Michael of Birdsboro manages Ray's Kawasaki, an Exeter Township dealership founded by his father.
"A Model T was my fi rst car," says Ray Jr., 69, owner of Berks Leisure Living, an assisted-living facility in Bern Township. "It was a 1927, and I bought it in 1955 when I was 16 years old."
The old car didn't have a heater. In winter, Ray Jr. made a makeshift heater out of heated bricks in a burlap bag.
"Once, I took a girl to a dance at Exeter High in the old Model T," he recalls. "It was me, the girl and a bag of heated bricks in between."
No need for speed
The Model T was equipped with a small four-cylinder engine that operated on gasoline or ethanol. It got 13 to 21 miles per gallon.
Nicknamed the "Tin Lizzy," the Model T could hit an outrageous 20 miles an hour.
"You can coax 35 miles an hour out of it, but it's not easy," Ray Sr. said.
The universal car, it turns out, was universally difficult to drive.
Its two-speed transmission -- high and low -- is operated by a pedal on the floor. Reverse gear involves using another pedal. There's no gas pedal; the accelerator is mounted on the steering column.
And, the early Model Ts had to be started with a hand crank.
The complexity of operating the car, ironically, is making the Model T undesirable to a new generation of collectors.
"Model Ts are getting cheaper all the time," Ray Sr. said. "Nobody knows how to drive them anymore."
Ray Sr. does, and he showed off his skills recently on the grounds of Berks Leisure Living in Bern Township. One of the people he chauffeured was 99-year-old Mary Balthaser, a resident of the assistant-living facility.
Mary was born the year after the Model T's debut.
Her father, Harrison Kramer, was one of the first people in Bern Township to buy one. She recalls riding to church in the back of the open-air touring car, then the family's pride.
Riding with Ray Sr. brought back memories, Mary confessed.
Stepping out of the vintage car, Mary reverted to the Pennsylvania German dialect in describing the bumpy experience.
"The ride was a little blotzie," she said.
To see more of the Reading Eagle, or to subscribe, go to http://www.readingeagle.com. Copyright (c) 2008, Reading Eagle, Pa. Distributed by McClatchy-Tribune Information Services. For reprints, email tmsreprints@permissionsgroup.com, call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA.
Copyright © 2008 Acquire Media. All rights reserved.
All information provided is subject to terms of use.
Model of affection: A 91-year-old Exeter Township man owns a Model T almost as old as him. He's had it for more than half a century, and it's his...
Oct. 27--At the wheel of his 1918 Model T Ford, 91-year-old Ray C. Miller Sr. grins like a teenager cruising in his fi rst car. Miller of Exeter Township waves to bystanders and unleashes blasts of the "oooga" horn as if he was driving the lead car in a Fourth of July parade. One year older than the vintage car, Miller has a priceless piece of American history, and he knows it. "The Model T put America on wheels," bragged Miller, a devoted Ford man. It's been 100 years since the fi rst Model T rolled off the assembly line at Ford's Piquette Plant in Detroit. Ford Motor Co. was only 5 years old when founder Henry Ford unveiled what he dubbed "the universal car" Sept. 27, 1908. America has never been the same. For the first time, the average American could afford a car. Where handcrafted cars of the era could cost $2,000 to $3,000, the assembly line-produced 1909 Model T touring car sold for $850. Eventually, due to the efficiency of mass production, some models sold for as low as $440. By 1918, half of all cars in America were Model Ts. From 1909 until production ended in 1927, Ford made 15 million Model Ts and established a production record that stood for 45 years. A lifetime devotion
Horse and buggy was still the preferred mode of transportation when Ray Miller was born in 1917 -- the year the United States entered World War I.
In Strausstown, where Miller grew up, his family walked a half-mile to Sunday services at Zion Blue Mountain Church.
"A fella had a Model T," recalled Miller, a retired millwright. "When he'd come along, we'd jump on the running board and get a ride to church."
That childhood encounter with the Model T fueled a lifetime of devotion to Ford cars -- don't even talk to him about Chevys.
In 1954, when he was 37, Miller bought the 1918 fiveseater touring car from a farmer in Bernville. The vehicle recently took first place at the Hershey Auto Show.
The car, as Miller recalls, was bought at Earl Stoyer's dealership in Schuylkill Haven. In those days, though, buyers had to go to Buffalo to pick up the car.
The farmer did, and ran it into a ditch on the way home.
"He put it in the barn and left it there until I bought it in 1954," Miller said. "I'm only the second owner of a 90-year-old car."
Miller passed on his love of cars to his sons, especially Ray Jr., Merlin and Michael.
Ray Jr., of Leesport, an accomplished car collector, has two Model Ts -- a 1926 coupe and a 1926 pickup truck.
Merlin, also of Leesport, works on the family's Model T collection but prefers racing his championship Sunbeam Tiger at hill climbs and on road courses around the East Coast.
Michael of Birdsboro manages Ray's Kawasaki, an Exeter Township dealership founded by his father.
"A Model T was my fi rst car," says Ray Jr., 69, owner of Berks Leisure Living, an assisted-living facility in Bern Township. "It was a 1927, and I bought it in 1955 when I was 16 years old."
The old car didn't have a heater. In winter, Ray Jr. made a makeshift heater out of heated bricks in a burlap bag.
"Once, I took a girl to a dance at Exeter High in the old Model T," he recalls. "It was me, the girl and a bag of heated bricks in between."
No need for speed
The Model T was equipped with a small four-cylinder engine that operated on gasoline or ethanol. It got 13 to 21 miles per gallon.
Nicknamed the "Tin Lizzy," the Model T could hit an outrageous 20 miles an hour.
"You can coax 35 miles an hour out of it, but it's not easy," Ray Sr. said.
The universal car, it turns out, was universally difficult to drive.
Its two-speed transmission -- high and low -- is operated by a pedal on the floor. Reverse gear involves using another pedal. There's no gas pedal; the accelerator is mounted on the steering column.
And, the early Model Ts had to be started with a hand crank.
The complexity of operating the car, ironically, is making the Model T undesirable to a new generation of collectors.
"Model Ts are getting cheaper all the time," Ray Sr. said. "Nobody knows how to drive them anymore."
Ray Sr. does, and he showed off his skills recently on the grounds of Berks Leisure Living in Bern Township. One of the people he chauffeured was 99-year-old Mary Balthaser, a resident of the assistant-living facility.
Mary was born the year after the Model T's debut.
Her father, Harrison Kramer, was one of the first people in Bern Township to buy one. She recalls riding to church in the back of the open-air touring car, then the family's pride.
Riding with Ray Sr. brought back memories, Mary confessed.
Stepping out of the vintage car, Mary reverted to the Pennsylvania German dialect in describing the bumpy experience.
"The ride was a little blotzie," she said.
To see more of the Reading Eagle, or to subscribe, go to http://www.readingeagle.com. Copyright (c) 2008, Reading Eagle, Pa. Distributed by McClatchy-Tribune Information Services. For reprints, email tmsreprints@permissionsgroup.com, call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA.
Copyright © 2008 Acquire Media. All rights reserved.
All information provided is subject to terms of use.
10-28-08, 08:48 AM
#23
Moderator
UPDATE 1-Kerkorian reduces Ford stake to 4.89 percent
Tue Oct 28, 2008 10:13am EDT Email | Print | Share| Reprints | Single Page | Recommend (0) [-] Text [+]
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DETROIT, Oct 28 (Reuters) - Billionaire investor Kirk Kerkorian has reduced his stake in Ford Motor Co (F.N: Quote, Profile, Research, Stock Buzz) to 4.89 percent over the past week, his investment company Tracinda Corp said on Tuesday.
Kerkorian, the largest outside investor in Ford, said last week that he had sold Ford shares worth about $18 million and might sell all of his remaining 6 percent stake in the No. 2 U.S. automaker.
Kerkorian's investment in Ford had been seen as a vote of confidence in the automaker and its turnaround strategy. Analysts say his pullback means Ford has lost a potential source of liquidity at a time when a deep downturn in U.S. auto sales is accelerating its cash burn.
Ford shares have dropped 60 percent since June, when Kerkorian raised his stake to 6.5 percent and said he was willing to support the automaker's turnaround with a capital injection.
Tracinda said on Tuesday it had sold 26.4 million Ford shares on the open market between Oct. 21 and Oct. 27 at an average price of $2.01 per share.
That leaves Kerkorian with a stake of less than 5 percent, relieving him of the requirement to report any change in his Ford holdings to the Securities and Exchanges Commission.
Kerkorian's pullout from Ford would be a costly retreat for the activist investor, who spent more than $1 billion for his stake in Ford, paying an average price per share near $7.10.
Through September, Ford's sales in the U.S. market this year had dropped 17 percent. The automaker posted a loss of $8.7 billion for the second quarter and is expected to report a deep loss for the third quarter.
Ford shares were up 5.42 percent, or 11 cents, at $2.14 in early trade on the New York Stock Exchange, in line with a rise in the broader market. (Reporting by Soyoung Kim, editing by Gerald E. McCormick and John Wallace)
© Thomson Reuters 2008 All rights reserved
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DETROIT, Oct 28 (Reuters) - Billionaire investor Kirk Kerkorian has reduced his stake in Ford Motor Co (F.N: Quote, Profile, Research, Stock Buzz) to 4.89 percent over the past week, his investment company Tracinda Corp said on Tuesday.
Kerkorian, the largest outside investor in Ford, said last week that he had sold Ford shares worth about $18 million and might sell all of his remaining 6 percent stake in the No. 2 U.S. automaker.
Kerkorian's investment in Ford had been seen as a vote of confidence in the automaker and its turnaround strategy. Analysts say his pullback means Ford has lost a potential source of liquidity at a time when a deep downturn in U.S. auto sales is accelerating its cash burn.
Ford shares have dropped 60 percent since June, when Kerkorian raised his stake to 6.5 percent and said he was willing to support the automaker's turnaround with a capital injection.
Tracinda said on Tuesday it had sold 26.4 million Ford shares on the open market between Oct. 21 and Oct. 27 at an average price of $2.01 per share.
That leaves Kerkorian with a stake of less than 5 percent, relieving him of the requirement to report any change in his Ford holdings to the Securities and Exchanges Commission.
Kerkorian's pullout from Ford would be a costly retreat for the activist investor, who spent more than $1 billion for his stake in Ford, paying an average price per share near $7.10.
Through September, Ford's sales in the U.S. market this year had dropped 17 percent. The automaker posted a loss of $8.7 billion for the second quarter and is expected to report a deep loss for the third quarter.
Ford shares were up 5.42 percent, or 11 cents, at $2.14 in early trade on the New York Stock Exchange, in line with a rise in the broader market. (Reporting by Soyoung Kim, editing by Gerald E. McCormick and John Wallace)
© Thomson Reuters 2008 All rights reserved
10-29-08, 08:36 AM
#24
Moderator
10/29/2008 09:45:21 AM EDT -- Detroit Free Press
Kerkorian dumps more Ford stock
Oct. 29--With one week to go before Ford Motor Co. reveals how much damage it has suffered during the third quarter, billionaire Kirk Kerkorian continues dumping his shares in the Dearborn automaker at a loss.
On Tuesday, Kerkorian's Tracinda Corp. revealed in a filing with the U.S. Securities and Exchange Commission that it had reduced its holdings in Ford to 107.1 million shares, or 4.89 percent, of the company's outstanding stock.
The latest sale brings his Ford losses to more than $167 million, according to calculations by the Free Press.
Based on Ford's Tuesday closing price of $2.15, the remaining stock Kerkorian owns is also worth $526 million less than what he paid for it.
By going below 5 percent, Kerkorian will no longer have to file reports with regulators if he sells additional stock.
Kerkorian, 91, began amassing his stake in Ford in the spring, when Ford CEO Alan Mulally was enjoying national media buzz about the success of his turnaround. After $15.3 billion in losses over the previous two years, Ford posted a small profit of $100 million in the first quarter.
In all, Kerkorian spent $995 million on 141 million shares of Ford, an average of $7.07 per share. That gave him a 6.5 percent stake in the Dearborn automaker.
To make the purchase, he used a $600-million credit line with Bank of America, which was backed with part of his controlling stake in MGM Mirage.
For months, Kerkorian continued to express his support of Mulally and Ford's turnaround plan, even as the company turned in a record $8.7-billion loss in the second quarter.
Last week, however, Kerkorian did an about-face on Ford. He sold 7.3 million shares at an average sales price of $2.43 a share, which translated into a loss of more than $30 million.
In a filing with federal regulators, Kerkorian attributed the decision to the distressed economic environment and better investment opportunities elsewhere.
The move also came shortly after the global economy began to quake, Ford's stock hit a low of $1.99 a share, concerns about Ford's cash reserves started to grow and Ford's chief financial officer, Don Leclair, and two Ford board members abruptly resigned.
What's more, the value of Kerkorian's MGM shares was plummeting and the Ford holdings put 36 percent of MGM's stake at risk if Ford failed. Kerkorian owns 54 percent of MGM's outstanding stock.
Now, Kerkorian is selling more Ford shares, as his filing last week suggested he would. From Oct. 21 through Monday, Kerkorian sold 26.4 million shares of Ford for an average price of $2.01 a share, locking in $133 million in losses.
"It looks like he's exiting the stock at any price he can get," Dennis Virag, president of Automotive Consulting Group in Ann Arbor, told Bloomberg News.
To see more of the Detroit Free Press, or to subscribe to the newspaper, go to http://www.freep.com. Copyright (c) 2008, Detroit Free Press Distributed by McClatchy-Tribune Information Services. For reprints, email tmsreprints@permissionsgroup.com, call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA.
Copyright © 2008 Acquire Media. All rights reserved.
All information provided is subject to terms of use.
Kerkorian dumps more Ford stock
Oct. 29--With one week to go before Ford Motor Co. reveals how much damage it has suffered during the third quarter, billionaire Kirk Kerkorian continues dumping his shares in the Dearborn automaker at a loss.
On Tuesday, Kerkorian's Tracinda Corp. revealed in a filing with the U.S. Securities and Exchange Commission that it had reduced its holdings in Ford to 107.1 million shares, or 4.89 percent, of the company's outstanding stock.
The latest sale brings his Ford losses to more than $167 million, according to calculations by the Free Press.
Based on Ford's Tuesday closing price of $2.15, the remaining stock Kerkorian owns is also worth $526 million less than what he paid for it.
By going below 5 percent, Kerkorian will no longer have to file reports with regulators if he sells additional stock.
Kerkorian, 91, began amassing his stake in Ford in the spring, when Ford CEO Alan Mulally was enjoying national media buzz about the success of his turnaround. After $15.3 billion in losses over the previous two years, Ford posted a small profit of $100 million in the first quarter.
In all, Kerkorian spent $995 million on 141 million shares of Ford, an average of $7.07 per share. That gave him a 6.5 percent stake in the Dearborn automaker.
To make the purchase, he used a $600-million credit line with Bank of America, which was backed with part of his controlling stake in MGM Mirage.
For months, Kerkorian continued to express his support of Mulally and Ford's turnaround plan, even as the company turned in a record $8.7-billion loss in the second quarter.
Last week, however, Kerkorian did an about-face on Ford. He sold 7.3 million shares at an average sales price of $2.43 a share, which translated into a loss of more than $30 million.
In a filing with federal regulators, Kerkorian attributed the decision to the distressed economic environment and better investment opportunities elsewhere.
The move also came shortly after the global economy began to quake, Ford's stock hit a low of $1.99 a share, concerns about Ford's cash reserves started to grow and Ford's chief financial officer, Don Leclair, and two Ford board members abruptly resigned.
What's more, the value of Kerkorian's MGM shares was plummeting and the Ford holdings put 36 percent of MGM's stake at risk if Ford failed. Kerkorian owns 54 percent of MGM's outstanding stock.
Now, Kerkorian is selling more Ford shares, as his filing last week suggested he would. From Oct. 21 through Monday, Kerkorian sold 26.4 million shares of Ford for an average price of $2.01 a share, locking in $133 million in losses.
"It looks like he's exiting the stock at any price he can get," Dennis Virag, president of Automotive Consulting Group in Ann Arbor, told Bloomberg News.
To see more of the Detroit Free Press, or to subscribe to the newspaper, go to http://www.freep.com. Copyright (c) 2008, Detroit Free Press Distributed by McClatchy-Tribune Information Services. For reprints, email tmsreprints@permissionsgroup.com, call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA.
Copyright © 2008 Acquire Media. All rights reserved.
All information provided is subject to terms of use.
10-29-08, 02:59 PM
#25
Moderator
10/29/2008 02:00:09 PM EDT -- PR Newswire
2010 Ford Fusion, Fusion Hybrid Offer Leading Fuel Efficiency, Smart New Technologies
DEARBORN, Mich., Oct. 29 /PRNewswire-FirstCall/ --
-- For 2010, the Ford Fusion and Mercury Milan will offer Ford's all-new Duratec 2.5-liter four-cylinder engine that is expected to deliver at least 3 mpg better on the highway than the Honda Accord and 2 mpg better than the Toyota Camry
-- Ford's next-generation hybrid system debuts in the new 2010 Ford Fusion and Mercury Milan hybrids. The more efficient system delivers a more seamless driving experience and is expected to achieve class-leading fuel economy, besting the Toyota Camry hybrid by at least 5 mpg city
-- Ford's SmartGauge(TM) with EcoGuide is a new instrument cluster execution that gives hybrid owners a more connected, fuel-efficient driving experience by coaching them on how to optimize performance of the 2010 Ford Fusion and Mercury Milan hybrids
-- With the Fusion and Milan Hybrids and the Escape and the Mariner Hybrids, Ford has doubled the size and volume of its hybrid lineup, making Ford the largest domestic producer of full hybrid vehicles in North America
Ford Motor Company (NYSE: F) announced today that the new 2010 Ford Fusion will offer consumers a more fuel-efficient powertrain lineup, including an all-new hybrid model that is expected to achieve class-leading fuel economy.
The new Ford Fusion and Mercury Milan hybrid models also offer owners a more connected driving experience, thanks to SmartGauge with EcoGuide, a unique new instrument cluster execution that helps coach drivers to improve fuel efficiency.
"Offering consumers more fuel-efficient vehicle choices, including maximizing the efficiency of our gasoline-powered engines, improving and increasing our hybrid vehicle offerings and increasing our use of fuel saving technologies such as six-speed transmissions, is part of Ford's plan to deliver technology solutions for affordable fuel economy for millions," said Derrick Kuzak, Ford's group vice president for Global Product Development.
Improved gas engines
For 2010, Fusion and Milan will offer Ford's all-new Duratec 2.5-liter four-cylinder engine producing 175 horsepower; an enhanced 3.0-liter V-6 with 19 more horsepower than its predecessor; and a 3.5-liter V-6 that pumps out 263 horsepower on the Fusion Sport model.
Fusion models equipped with the 2.5-liter I-4 engine are expected to deliver at least 3 mpg better on the highway than the Honda Accord and 2 mpg better than the Toyota Camry.
All are paired with six-speed transmissions for up to a 10 percent fuel economy improvement and a host of other industry-first technologies aimed at improving performance while gaining fuel economy.
Next-generation hybrid system
Ford's next-generation hybrid propulsion system builds upon the proven success of the Escape and Mariner hybrids, delivering class-leading fuel economy for the all-new 2010 Ford Fusion and Mercury Milan hybrids that debut later this year.
With the new arrivals, Ford will be the producer of the most fuel-efficient mid-size sedans and SUVs in America -- and the Fusion Hybrid is expected to perform at least 5 mpg better on the highway than the Toyota Camry hybrid.
The overall system upgrade allows the Ford Fusion and Mercury Milan hybrids to operate longer at higher speeds in electric mode. The hybrid vehicles can operate up to 47 mph in pure electric mode, about twice as fast as some competitors. Plus, the city driving range on a single tank of gas is expected to be more than 700 miles.
"With the new Ford Fusion and Mercury Milan hybrids, we are now able to offer even better range of travel on battery power at a greater speed, thanks to a more efficient, seamless transition between the battery-powered motor and gasoline-driven engine," Kuzak said. "These new hybrids will exceed expectations on all fronts -- fuel efficiency, comfort, convenience and overall drivability."
With the addition of the two new hybrid sedans, Ford will be the largest domestic producer of hybrid vehicles in North America. All Ford Fusion and Mercury Milan models will be built at Ford's Hermosillo (Mexico) Stamping and Assembly Plant.
SmartGauge with EcoGuide
Ford's SmartGauge with EcoGuide, an innovative new instrument cluster, provides real-time information to help drivers maximum fuel efficiency.
Ford collaborated with IDEO and Smart Design, two world leaders in helping consumers connect with technology, to develop the instrument cluster. Job One was properly integrating the driver with the cluster's science and technology.
The driver is immediately engaged by the SmartGauge liquid crystal display (LCD) screens, on either side of the center-mounted analog speedometer, with a special greeting that combines illumination and graphics.
EcoGuide then uses a multi-layered approach to coach the driver to maximum fuel efficiency. A tutorial mode is built into the display and helps the driver learn about the instrument cluster and the hybrid in a whimsical way that does not overpower.
For instance, drivers can choose one of four data screens to choose the information level displayed during their drives. They are:
-- Inform: Fuel level and battery charge status
-- Enlighten: Adds electric vehicle mode indicator and tachometer
-- Engage: Adds engine output power and battery output power
-- Empower: Adds power to wheels, engine pull-up threshold and accessory
power consumption
All levels can show instant fuel economy, fuel economy history, odometer, engine coolant temperature, what gear the car is in and trip data, including trip fuel economy, time-elapsed fuel economy and miles to empty.
SOURCE Ford Motor Company
CONTACT: Alan Hall, +1-313-594-3744, ahall32@ford.com, or Said Deep, +1-313-594-0942, sdeep@ford.com, both of Ford Motor Company
Copyright © 2008 PR Newswire
Copyright © 2008 Acquire Media. All rights reserved.
All information provided is subject to terms of use.
2010 Ford Fusion, Fusion Hybrid Offer Leading Fuel Efficiency, Smart New Technologies
DEARBORN, Mich., Oct. 29 /PRNewswire-FirstCall/ --
-- For 2010, the Ford Fusion and Mercury Milan will offer Ford's all-new Duratec 2.5-liter four-cylinder engine that is expected to deliver at least 3 mpg better on the highway than the Honda Accord and 2 mpg better than the Toyota Camry
-- Ford's next-generation hybrid system debuts in the new 2010 Ford Fusion and Mercury Milan hybrids. The more efficient system delivers a more seamless driving experience and is expected to achieve class-leading fuel economy, besting the Toyota Camry hybrid by at least 5 mpg city
-- Ford's SmartGauge(TM) with EcoGuide is a new instrument cluster execution that gives hybrid owners a more connected, fuel-efficient driving experience by coaching them on how to optimize performance of the 2010 Ford Fusion and Mercury Milan hybrids
-- With the Fusion and Milan Hybrids and the Escape and the Mariner Hybrids, Ford has doubled the size and volume of its hybrid lineup, making Ford the largest domestic producer of full hybrid vehicles in North America
Ford Motor Company (NYSE: F) announced today that the new 2010 Ford Fusion will offer consumers a more fuel-efficient powertrain lineup, including an all-new hybrid model that is expected to achieve class-leading fuel economy.
The new Ford Fusion and Mercury Milan hybrid models also offer owners a more connected driving experience, thanks to SmartGauge with EcoGuide, a unique new instrument cluster execution that helps coach drivers to improve fuel efficiency.
"Offering consumers more fuel-efficient vehicle choices, including maximizing the efficiency of our gasoline-powered engines, improving and increasing our hybrid vehicle offerings and increasing our use of fuel saving technologies such as six-speed transmissions, is part of Ford's plan to deliver technology solutions for affordable fuel economy for millions," said Derrick Kuzak, Ford's group vice president for Global Product Development.
Improved gas engines
For 2010, Fusion and Milan will offer Ford's all-new Duratec 2.5-liter four-cylinder engine producing 175 horsepower; an enhanced 3.0-liter V-6 with 19 more horsepower than its predecessor; and a 3.5-liter V-6 that pumps out 263 horsepower on the Fusion Sport model.
Fusion models equipped with the 2.5-liter I-4 engine are expected to deliver at least 3 mpg better on the highway than the Honda Accord and 2 mpg better than the Toyota Camry.
All are paired with six-speed transmissions for up to a 10 percent fuel economy improvement and a host of other industry-first technologies aimed at improving performance while gaining fuel economy.
Next-generation hybrid system
Ford's next-generation hybrid propulsion system builds upon the proven success of the Escape and Mariner hybrids, delivering class-leading fuel economy for the all-new 2010 Ford Fusion and Mercury Milan hybrids that debut later this year.
With the new arrivals, Ford will be the producer of the most fuel-efficient mid-size sedans and SUVs in America -- and the Fusion Hybrid is expected to perform at least 5 mpg better on the highway than the Toyota Camry hybrid.
The overall system upgrade allows the Ford Fusion and Mercury Milan hybrids to operate longer at higher speeds in electric mode. The hybrid vehicles can operate up to 47 mph in pure electric mode, about twice as fast as some competitors. Plus, the city driving range on a single tank of gas is expected to be more than 700 miles.
"With the new Ford Fusion and Mercury Milan hybrids, we are now able to offer even better range of travel on battery power at a greater speed, thanks to a more efficient, seamless transition between the battery-powered motor and gasoline-driven engine," Kuzak said. "These new hybrids will exceed expectations on all fronts -- fuel efficiency, comfort, convenience and overall drivability."
With the addition of the two new hybrid sedans, Ford will be the largest domestic producer of hybrid vehicles in North America. All Ford Fusion and Mercury Milan models will be built at Ford's Hermosillo (Mexico) Stamping and Assembly Plant.
SmartGauge with EcoGuide
Ford's SmartGauge with EcoGuide, an innovative new instrument cluster, provides real-time information to help drivers maximum fuel efficiency.
Ford collaborated with IDEO and Smart Design, two world leaders in helping consumers connect with technology, to develop the instrument cluster. Job One was properly integrating the driver with the cluster's science and technology.
The driver is immediately engaged by the SmartGauge liquid crystal display (LCD) screens, on either side of the center-mounted analog speedometer, with a special greeting that combines illumination and graphics.
EcoGuide then uses a multi-layered approach to coach the driver to maximum fuel efficiency. A tutorial mode is built into the display and helps the driver learn about the instrument cluster and the hybrid in a whimsical way that does not overpower.
For instance, drivers can choose one of four data screens to choose the information level displayed during their drives. They are:
-- Inform: Fuel level and battery charge status
-- Enlighten: Adds electric vehicle mode indicator and tachometer
-- Engage: Adds engine output power and battery output power
-- Empower: Adds power to wheels, engine pull-up threshold and accessory
power consumption
All levels can show instant fuel economy, fuel economy history, odometer, engine coolant temperature, what gear the car is in and trip data, including trip fuel economy, time-elapsed fuel economy and miles to empty.
SOURCE Ford Motor Company
CONTACT: Alan Hall, +1-313-594-3744, ahall32@ford.com, or Said Deep, +1-313-594-0942, sdeep@ford.com, both of Ford Motor Company
Copyright © 2008 PR Newswire
Copyright © 2008 Acquire Media. All rights reserved.
All information provided is subject to terms of use.
10-29-08, 03:38 PM
#26
Lexus Fanatic
Thread Starter
Join Date: Jul 2001
Location: California
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You know, with all of the taxpayer money that the idiots in DC can't wait to throw around and their new found interest in government manipulated M&As, I wonder why Paulson and Bernanke haven't gotten in a closed room with GM, Cerberus, and Ford and said you guys are merging, work it out.
I don't have very good feeling about any of them really surviving and I would probably put the bet on Ford but if the gov props up and manipulates GM and Cerberus, Ford is either going to wind up in DC with their hand out or finding themselves in a poor position, at least in the short term.
I don't have very good feeling about any of them really surviving and I would probably put the bet on Ford but if the gov props up and manipulates GM and Cerberus, Ford is either going to wind up in DC with their hand out or finding themselves in a poor position, at least in the short term.
10-30-08, 08:38 AM
#27
Moderator
Ford gets more state incentives, will invest millions at Louisville plants
Business First of Louisville - by Brent Adams Staff Writer
The Kentucky Economic Development Finance Authority has approved amendments to its incentive agreement with Ford Motor Co., which plans to make at least $200 million in investments at its two Louisville plants and could invest an additional $400 million in the future.
At its Oct. 30 meeting in Frankfort, the KEDFA board amended the language of an incentive package awarded in November 2007, which provided Ford with incentives for a $200 million investment at the Kentucky Truck Plant on Chamberlain Lane.
The amendment provides additional incentives for Dearborn, Mich.-based Ford to make additional investments of $100 million at both the truck plant and the Louisville Assembly Plant on Fern Valley Road. It also provides incentives for Ford to make up to an additional $400 million in total investments at the plants.
The deal calls for Ford to receive tax credits equaling 30 percent of its investment, up to $180 million, over 10 years, said Gabby Bruno, regional government affairs manager for Ford.
Thursday’s KEDFA approval allows company officials to consider the potential for additional incentives in determining whether to increase its investments in the plants.
But Ford has no immediate plans to invest more than $200 million in the Louisville plants, said Angie Kozleski, a Dearborn-based public affairs manager for Ford.
Curt Magleby, director of state government relations for Ford, said the automaker has worked with state officials for months to hammer out the details of an amendment to Ford’s incentives package.
“Kentucky has been a real proactive partner in helping to set this up,” Magleby said. “Now we can take this back to management and say, ‘look at what Kentucky’s willing to do for us.’ ”
In an e-mailed statement, Kentucky Gov. Steve Beshear stressed Ford’s importance to the state’s economy.
“These investments will help protect the jobs of more than 5,000 Ford employees in the Louisville area and thousands more people throughout the commonwealth whose jobs and businesses depend on Ford’s continued presence here,” Beshear said in the statement.
Ford spends more than $3 billion annually with Kentucky auto-parts makers and service providers, Magleby said.
Investments will support reorganization
The $100 million investments at each of the plants will support plans that Ford officials announced in July for reorganizing its North American production operations to respond to consumer demands.
Ford will invest $100 million to add Ford Expedition and Lincoln Navigator production lines at the Kentucky Truck Plant. Ford will move production of the large sport utility vehicles to Louisville from a plant in Michigan, which will be retooled to make small vehicles.
Manufacturing of the large SUVs will be added to current production of F-Series Super Duty pickup trucks beginning in spring 2009, Kozleski said.
Ford will begin a six-week retooling of Kentucky Truck Plant in the early spring to facilitate the Expedition/Navigator build, she said.
The company also will spend $100 million to retool the Louisville Assembly Plant in preparation of a small vehicle line, which might begin production at the plant by 2011.
Ford officials announced in July that the company intends to cease production of the Ford Explorer, Explorer Sport Trac and Mercury Mountaineer SUVs at Louisville Assembly Plant.
A 2010 unibody construction Explorer will be built elsewhere, but Kozleski said company officials are not ready to disclose where the next-generation Explorer will be built or when production of the current generation of vehicles made at Louisville Assembly Plant will cease.
Ford has made Explorers at Louisville Assembly Plant since 1990, but demand for the SUVs has fallen precipitously during the past couple of years, prompting Ford officials to consider new uses for the capacity and work force at the Louisville Assembly Plant.
Magleby said Ford officials have not decided which small vehicle will be made at the Louisville Assembly Plant, but he said having the incentives in place might help expedite the decision-making process.
He declined to provide a timetable for an announcement on what vehicle will replace the Explorer at the Louisville Assembly Plant, which has produced many different models since it was built in 1953.
Original incentives were for Kentucky Truck Plant
As part of a labor agreement between Ford and the United Auto Workers, Ford agreed to build flexible body shops at both Louisville plants and agreed to bring production of a new vehicle to the Louisville Assembly Plant.
The incentive package awarded in November 2007 was based on a $200 million investment in the Kentucky Truck Plant.
The incentive package included $24 million in tax credits over 10 years. Ford also was allowed to transfer up to $36 million in unused credits for which it was approved in 1998 and 2001.
The $200 million investment has been made during the past year with the addition of a flexible body shop, improvements to a paint shop and other renovations at the Kentucky Truck Plant, Kozleski said.
The new body shop at the Kentucky Truck Plant allows Ford to be flexible in its overall production strategy, Magleby said.
“Those incentives set the table for us to make the investment,” Magleby said. “When the opportunity to move the Expedition and Navigator to the Kentucky Truck Plant came about, we were already set up.”
Send comments to bsadams@bizjournals.com
Business First of Louisville - by Brent Adams Staff Writer
The Kentucky Economic Development Finance Authority has approved amendments to its incentive agreement with Ford Motor Co., which plans to make at least $200 million in investments at its two Louisville plants and could invest an additional $400 million in the future.
At its Oct. 30 meeting in Frankfort, the KEDFA board amended the language of an incentive package awarded in November 2007, which provided Ford with incentives for a $200 million investment at the Kentucky Truck Plant on Chamberlain Lane.
The amendment provides additional incentives for Dearborn, Mich.-based Ford to make additional investments of $100 million at both the truck plant and the Louisville Assembly Plant on Fern Valley Road. It also provides incentives for Ford to make up to an additional $400 million in total investments at the plants.
The deal calls for Ford to receive tax credits equaling 30 percent of its investment, up to $180 million, over 10 years, said Gabby Bruno, regional government affairs manager for Ford.
Thursday’s KEDFA approval allows company officials to consider the potential for additional incentives in determining whether to increase its investments in the plants.
But Ford has no immediate plans to invest more than $200 million in the Louisville plants, said Angie Kozleski, a Dearborn-based public affairs manager for Ford.
Curt Magleby, director of state government relations for Ford, said the automaker has worked with state officials for months to hammer out the details of an amendment to Ford’s incentives package.
“Kentucky has been a real proactive partner in helping to set this up,” Magleby said. “Now we can take this back to management and say, ‘look at what Kentucky’s willing to do for us.’ ”
In an e-mailed statement, Kentucky Gov. Steve Beshear stressed Ford’s importance to the state’s economy.
“These investments will help protect the jobs of more than 5,000 Ford employees in the Louisville area and thousands more people throughout the commonwealth whose jobs and businesses depend on Ford’s continued presence here,” Beshear said in the statement.
Ford spends more than $3 billion annually with Kentucky auto-parts makers and service providers, Magleby said.
Investments will support reorganization
The $100 million investments at each of the plants will support plans that Ford officials announced in July for reorganizing its North American production operations to respond to consumer demands.
Ford will invest $100 million to add Ford Expedition and Lincoln Navigator production lines at the Kentucky Truck Plant. Ford will move production of the large sport utility vehicles to Louisville from a plant in Michigan, which will be retooled to make small vehicles.
Manufacturing of the large SUVs will be added to current production of F-Series Super Duty pickup trucks beginning in spring 2009, Kozleski said.
Ford will begin a six-week retooling of Kentucky Truck Plant in the early spring to facilitate the Expedition/Navigator build, she said.
The company also will spend $100 million to retool the Louisville Assembly Plant in preparation of a small vehicle line, which might begin production at the plant by 2011.
Ford officials announced in July that the company intends to cease production of the Ford Explorer, Explorer Sport Trac and Mercury Mountaineer SUVs at Louisville Assembly Plant.
A 2010 unibody construction Explorer will be built elsewhere, but Kozleski said company officials are not ready to disclose where the next-generation Explorer will be built or when production of the current generation of vehicles made at Louisville Assembly Plant will cease.
Ford has made Explorers at Louisville Assembly Plant since 1990, but demand for the SUVs has fallen precipitously during the past couple of years, prompting Ford officials to consider new uses for the capacity and work force at the Louisville Assembly Plant.
Magleby said Ford officials have not decided which small vehicle will be made at the Louisville Assembly Plant, but he said having the incentives in place might help expedite the decision-making process.
He declined to provide a timetable for an announcement on what vehicle will replace the Explorer at the Louisville Assembly Plant, which has produced many different models since it was built in 1953.
Original incentives were for Kentucky Truck Plant
As part of a labor agreement between Ford and the United Auto Workers, Ford agreed to build flexible body shops at both Louisville plants and agreed to bring production of a new vehicle to the Louisville Assembly Plant.
The incentive package awarded in November 2007 was based on a $200 million investment in the Kentucky Truck Plant.
The incentive package included $24 million in tax credits over 10 years. Ford also was allowed to transfer up to $36 million in unused credits for which it was approved in 1998 and 2001.
The $200 million investment has been made during the past year with the addition of a flexible body shop, improvements to a paint shop and other renovations at the Kentucky Truck Plant, Kozleski said.
The new body shop at the Kentucky Truck Plant allows Ford to be flexible in its overall production strategy, Magleby said.
“Those incentives set the table for us to make the investment,” Magleby said. “When the opportunity to move the Expedition and Navigator to the Kentucky Truck Plant came about, we were already set up.”
Send comments to bsadams@bizjournals.com
10-30-08, 11:24 AM
#28
Lexus Fanatic
GM and Chrysler, maybe, but I don't see all three of them merging. It would make too large a corporation, with too much power, and run afoul of anti-trust laws. The Feds wouldn't allow it.
10-30-08, 12:22 PM
#29
Moderator
So no to GM, Ford and Chrysler being too large a corporation if they were to merge...
10-30-08, 01:47 PM
#30
Lexus Fanatic
I don't think if the three U.S. auto manufacturers merged it would be too large of a corporation. As of 10/30/2008 GM's market cap is $3.66 billion, Ford's is $4.86 billion and Chrysler's got to be about $1 billion so combined that would only be $9.52 billion. Just recently VW's market cap reached $363 billion more than ExxonMobil's market cap which is $343 billion...
So no to GM, Ford and Chrysler being too large a corporation if they were to merge...
So no to GM, Ford and Chrysler being too large a corporation if they were to merge...
"Large" is not necessarily measured in dollar amounts......potential market share also plays a role. But, in the end, it would be up to the Justice Department, FTC, ICC, and other Government agencies to determine that.