Ford, UAW Tentative Deal: No Strike, No More Plant Closings
From Detroit Free Press Preliminary details of the tentative labor contract reached between the UAW and Ford Motor Co. show that the union extracted a rosier pact than many people had expected out of Detroit’s most financially fragile automaker. According to information provided to the Free Press by a top bargainer and another person familiar
ChiltonPRO Announces Version 2.0 DVD Release with Expanded Content
Delmar Learning, a provider of learning products and services for the technology and trades market, has announced the release of the version 2.0 ChiltonPRO DVDs. An alternative for professional technicians who want a cost-effective electronic automotive repair information system, ChiltonPRO provides professionals with access to all of Chilton’s automotive repair information.
U.S. Automakers’ Market Share is Lowest Ever
The Detroit automakers’ share of the U.S. market dropped below 50 percent in July for the first time in history, according to two analysts who track industry numbers. Jesse Toprak, senior analyst for the Edmunds.com automotive website, and Jeff Schuster, executive director of global forecasting for J.D. Power and Associates, each said that foreign-based automakers took more than half the U.S. market for the first time, citing sales data released by the companies Wednesday.
Ford Reports a Net Profit of $750 Million for Second Quarter 2007
Ford Motor Company has reported a net profit of 31 cents per share, or $750 million, for the second quarter of 2007. This compares with a net loss of 17 cents per share, or $317 million, in the second quarter of 2006. Ford’s revenue was $44.2 billion, up from $41.9 billion a year ago. The increase primarily reflected currency exchange, mix and net pricing improvements, partially offset by lower volume.
Ford Denies it’s in Talks to Sell Volvo
From AFX News Limited DETROIT — Ford Motor Co., responding to reports that it’s putting its Volvo unit up for sale, said it is not negotiating with anyone to sell the Swedish automaker. The Sunday Times, citing unnamed sources in London, said the decision to sell Volvo, which is part of Ford’s Premier Automotive Group,
Analysts: Selling Brands Could Aid Ford’s Restructuring
From Detroit Free Press Ford Motor Co. could raise more money for its restructuring plans if it’s able to find a buyer for its Jaguar, Volvo and Land Rover brands, analysts said earlier this week. Ford, working its way through a massive restructuring plan in an attempt to return to profitability, hired Goldman Sachs Group
Ford Global Operations Chief to Retire in 2007
Ford Motor Co. said Thursday that Mark Schulz, executive vice president and president of international operations, has announced his plans to retire from the company early next year. He began his career with Ford as an assembly line worker in 1970. Schulz, 54, is responsible for the company’s business in Europe, Africa and the Asia Pacific region. In that job, he oversees the global activities of the Premier Automotive Group, which includes Aston Martin, Jaguar, Land Rover and Volvo, as well as the company’s partnership with Mazda Motor Corp.
No Shotgun Wedding for Ford and GM
It would make about as much sense as Microsoft and Apple Computer merging. Or the New York Yankees and the Boston Red Sox. Executives at Ford Motor and General Motors whispered on Monday that a report in trade publication Automotive News was on the money — that the chief financial officers of the two ailing auto giants did meet recently to discuss an alliance of some kind. It did happen. Those same executives, though, quickly added that the two sobered up, retreated to their offices, and agreed that nothing would come of it.
Ford Shares Vulnerable After CEO Comments
Ford Motor shares will be in focus Tuesday after the company’s chief executive, William Ford Jr., said that the company was in trouble in North America. Ford stock in the United States has fallen 12 percent over the past 12 months. Ford wrote in an internal memo and said again during an interview with Newsweek magazine that the company was working to accelerate a restructuring program. Ford, the second-biggest U.S. automaker after General Motors, already announced in January that it would cut 30,000 jobs and close 14 plants in North America by 2012.
Ford Wants to Sell Aston Martin Brand
Ford Motor Co., the No. 2 U.S. carmaker struggling to shed assets to regain profitability, wants to sell its prestigious British Aston Martin business. The carmaker said Thursday in a statement that it "has begun the process of exploring strategic options for Aston Martin, with particular emphasis on a potential sale of all or a portion of the unit."