Ford Tells Congress: “We Promise We Can Be Good!”
Ever since their surprising Congressional rejection last month, Ford (NYSE: F), General Motors, (NYSE: GM) and Chrysler have all been scrambling to prove that they’ve turned over a new leaf and that it is - really and truly! - worth saving. Promise, cross its heart and hope (not) to die.
Each company has revealed a so-called strategy, but so far I’m most impressed with Ford’s, which seems to involve the most work and the biggest actual changes. Unlike Chrysler, which announced back in October that it would shut down its plant responsible for making Aspen and Dodge Durango hybrids, Ford is going to step up hybrid production.
It’s a little late in the game for the company to take such steps, but if they’re going to eat up more taxpayer money, I suppose better late than never.
Since We Don’t Have A Say In The Matter Anyway, Ford Could Be The Best Bet
Technically, it already had later-day plans to start pushing hybrids and electric vehicles to a green-hungry, gas-weary consumer crowd, but the company has outlined a new plan that puts development and production of those technologies as top priorities instead of distant dreams.
That includes:
- A battery-powered electric commercial van in 2010
- A battery-powered retail sedan in 2011
- Possibly a plug-in version of both the Focus and Fusion by 2013
In all, it has pledged that 80% of its investments in 2010 will be in cars and crossovers in contrast to trucks and SUVs, which would be a 20% difference from how Ford rolled in 2007.
Just In Case…
Of course, out of the three car companies clamoring for help, Ford is without a doubt in the best shape. According to Automotive news, even back in September, Ford was preparing some European, gas-friendly favorites for American consumption, though they won’t start debuting until next year.
And it claims that it might not even need the $9 billion loan, but wants it as a safety blanket just in case.
Honestly, I’m not sure how much I believe the classic brand when it says that, since company executives campaigned just as strongly as GM and Chrysler for federal help last month, taking time to fly all the way from Detroit to D.C. in their fancy jets.
Not to mention that Ford’s Alan Mulally has even gone so far as to promise that next time he goes to badger Congress, he’ll do so on four wheels in an Escape hybrid. Would he really be so willing to give up his private jet time for a nearly 9 hour drive?
I don’t care how cushy he makes his cars; that’s a long drive. So my gut instinct is to say that Ford is in a spot more trouble than it would like us to believe.
But one way or the other, if it can pull off what it’s promised, there might be hope for the company yet.
Alternative Energy Sources Are Growing Fast
Wednesday, December 3, 2008 — by Jeannette Di Louie, Assistant Editor of Mt. Vernon Research
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