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Hats off to Ford Motor Company.
Posted: Thu Jan 29, 2009 9:11 am
by TDDude
http://news.yahoo.com/s/ap/20090129/ap_ ... earns_ford
DEARBORN, Mich. – Ford Motor Co. said Thursday it lost $5.9 billion in the fourth quarter as auto sales slumped, but it has no plans to seek federal aid unless economic conditions worsen.
The second-largest U.S. automaker said it burned through $5.5 billion in the quarter, less than the $7.7 billion it used in the third quarter.
The company said it lost $2.46 per share, compared with a loss of $2.8 billion, or $1.13 per share, for the year-ago period.
Revenue fell to $29.2 billion from $45.5 billion in the fourth quarter of 2007.
Ford's figures missed Wall Street's expectations. Excluding special items, the company reported a $1.37 per share loss for the quarter. Analysts polled by Thomson Reuters, on average, expected a fourth-quarter loss of $1.30 per share on revenue of $26.3 billion.
Dearborn-based Ford also announced that its credit arm would cut 20 percent of its work force, or 1,200 jobs, and it has reached agreement with the United Auto Workers union to end the "jobs bank" in which laid-off workers get most of their pay, although the effective date is still being negotiated.
Company spokesman Mark Truby said Ford's position on seeking federal loans is unchanged. The company has asked for a $9 billion line of credit from the government but has said it has enough cash to make it through 2009 and doesn't intend to use government loans unless conditions worsen.
"We don't plan to or foresee using it," Truby said Thursday.
The Treasury Department made loans to Ford's U.S-based competitors, allocating $13.4 billion to General Motors Corp. and $4 billion for Chrysler LLC.
Ford said it had $13.4 billion cash on hand as of Dec. 31 and it plans to exercise a $10.1 billion secured credit line Tuesday.
Chief Financial Officer Lewis Booth said the company is tapping the credit line only to make sure it's available and not to fund operations.
"We are confident that our burn rate will be substantially slower in 2009," he told reporters Thursday morning.
For the full year, Ford reported a net loss of $14.6 billion, compared with a loss of $2.7 billion in 2007.
Vehicle sales in the U.S. are at their lowest levels in 26 years as consumers face tight credit markets and economic uncertainty, with Ford's U.S. sales dropping 20.5 percent in 2008 and its market share falling slightly to 15 percent from 15.4 percent in 2007.
That uncertainty has spread to Europe as well, where sales are beginning to fall. Markets such as South America, that were once a bright spot for Ford, are also slowing.
KUDOSS TO FORD MOTOR COMPANY!!
In this day of GIMEE GIMEE GIMEE GIMEE GIMEE GIMEE GIMEE GIMEE GIMEE ........... Ford says they don't want the federal government socializing the car industry.
If you need a car, please consider a Ford. I know that both my '94 E150 van and my '97 Grand Marquis have just under 300k miles so any argument you might have that Fords don't last will fall on deaf ears in this house. I really like the Flex to replace my van. My car is probably going to have to stick it out for at least another year and I have no doubt that it will.
Re: Hats off to Ford Motor Company.
Posted: Thu Jan 29, 2009 2:04 pm
by WarHawk-AVG
Thats good...if you maintain your vehicles (as in change the fluids religiously) you can get ALOT of miles.
I'm just not or ever have been a Ford guy!
Does Ford own Mazda, or is it the other way around?
Re: Hats off to Ford Motor Company.
Posted: Thu Jan 29, 2009 3:49 pm
by TDDude
WarHawk-AVG wrote:Thats good...if you maintain your vehicles (as in change the fluids religiously) you can get ALOT of miles.
I'm just not or ever have been a Ford guy!
Does Ford own Mazda, or is it the other way around?
I always thought that Ford & Mazda had an agreement. Neither one owned the other or at least had any controlling interest. All the small Fords were basically Mazda's. I always thought that it was a way for Ford to meet the federal efficiency guidelines without having to come up with a car from scratch that they probably wouldn't make all that much money on. I think the old Chevy GEO Metro was a Suzuki.
Re: Hats off to Ford Motor Company.
Posted: Thu Jan 29, 2009 10:24 pm
by Commander
I think that Ford owns a percentage of Mazda. The Ford Fusion is based on the Mazda6, but other than that I'm not familiar with any other Fords based on Mazdas. The Mazda Tribute was based on the Escape and the Mazda pickup was based on the Ranger, but neither of those is made anymore. I think the Ford Focus is based on one of Ford of Europe models.
Re: Hats off to Ford Motor Company.
Posted: Fri Jan 30, 2009 12:42 pm
by Fangs
I used to have a Ford Probe with a Mazda engine in it.
Re: Hats off to Ford Motor Company.
Posted: Fri Jan 30, 2009 1:12 pm
by TxDrifter
I have two, thank you. 2008 F350 CC KR Dually and a 2008 Ford Edge Limited.
Support the US economy and buy "Quality" American. Notice will be taken.
Re: Hats off to Ford Motor Company.
Posted: Fri Jan 30, 2009 9:52 pm
by Liberty
TxDrifter wrote:I have two, thank you. 2008 F350 CC KR Dually and a 2008 Ford Edge Limited.
Support the US economy and buy "Quality" American. Notice will be taken.
Just remember the union people that built the Fords GMs and Chryslers gave a lot of money to help Obama win. The Americans that helped build Toyotas and Hondas don't belong to the socialist unions.
Re: Hats off to Ford Motor Company.
Posted: Fri Jan 30, 2009 10:01 pm
by Rockrz
TDDude wrote:If you need a car, please consider a Ford.
I wouldn't ever be able to buy Ford due to their support of numerous anti-family
lifestyles that are downright disgusting.
And, their vehicles have had more recalls than any of the major
brands due to...well, they just SUCK...
They'll be at the begging alter before long.
You can't have to many quarters losing 5+ billion dollars
and expect to stay in business for very long.
Re: Hats off to Ford Motor Company.
Posted: Sun Feb 01, 2009 3:38 pm
by TDDude
Rockrz wrote:TDDude wrote:If you need a car, please consider a Ford.
I wouldn't ever be able to buy Ford due to their support of numerous anti-family
lifestyles that are downright disgusting.
And, their vehicles have had more recalls than any of the major
brands due to...well, they just SUCK...
They'll be at the begging alter before long.
You can't have to many quarters losing 5+ billion dollars
and expect to stay in business for very long.
Unfortunately, boycotting all corporations that support the anti-family issues will force one to live in a cave and to wear animals skins.
Again, the two Fords I have had had a recall or two in their lifetimes but overall, they have been very inexpensive to operate and they just won't die.
Just remember the union people that built the Fords GMs and Chryslers gave a lot of money to help Obama win. The Americans that helped build Toyotas and Hondas don't belong to the socialist unions.
I agree that a lot of this "bailout" boondogle is designed to keep unions alive and I suppose there's nothing we can do about it except let our elected ya-hoos know what you feel.
The next thing I would like to see Ford do is move down south to the right to work states are so they don't have to put up with all the labor unions like the northern companies do.
Re: Hats off to Ford Motor Company.
Posted: Sun Feb 01, 2009 3:54 pm
by Rockrz
TDDude wrote:Unfortunately, boycotting all corporations that support the anti-family issues will force one to live in a cave and to wear animals skins.
Not true...if we don't stand for decency and good morals, we'll fall for anything.
And, that's exactly what is happening to the US...fast causing this country to be
irrelevant and no better than any other country as we become followers instead of leaders.
Doing what everybody else does is not what produces winners!
Re: Hats off to Ford Motor Company.
Posted: Sun Feb 01, 2009 11:02 pm
by NcongruNt
Commander wrote:I think that Ford owns a percentage of Mazda. The Ford Fusion is based on the Mazda6, but other than that I'm not familiar with any other Fords based on Mazdas. The Mazda Tribute was based on the Escape and the Mazda pickup was based on the Ranger, but neither of those is made anymore. I think the Ford Focus is based on one of Ford of Europe models.
Actually, the Mazda B-series truck is the one based on the ranger, and is still in production. My company just bought two 4wd B-4000s a couple of months ago.
http://www.mazdausa.com/MusaWeb/display ... leCode=TRK" onclick="window.open(this.href);return false;
The Mazda Tribute is the one modeled after the Escape, and is also still in production.
http://www.mazdausa.com/MusaWeb/display ... leCode=TRB" onclick="window.open(this.href);return false;
The B4000 is great to drive, and handles and accelerates well, in my experience.
Re: Hats off to Ford Motor Company.
Posted: Sun Feb 01, 2009 11:08 pm
by Rockrz
TDDude wrote:...let our elected ya-hoos know what you feel.
That's a waste of time...they couldn't care less than they do now, so why bother?
Re: Hats off to Ford Motor Company.
Posted: Sun Feb 01, 2009 11:24 pm
by HighVelocity
I own 2 Ford F150's, a 95 and an 04 and am very happy with them.
Re: Hats off to Ford Motor Company.
Posted: Mon Feb 02, 2009 9:21 am
by jimlongley
Due to our experience with my wife's Escort I have put Ford on notice that I will never buy another of their products.
From day one, a rattle in the right side of the car that no one could fix.
From day one, running rough at idle, which made the rattle very noticeable, which Ford said was normal for that model, but test drives in others never showed the same tendency.
A service manager that suggested that our multiple attempts to get Ford to either fix or replace the car was due to a mental deficiency.
The radio that kept going noisy on one channel of the stereo, which Ford kept saying was not Ford's responsibility despite the fact that the radio came with the car and was not excepted from the warranty.
The service manager that promised our car would be ready that day, but then came up with the interesting excuse that the "radio guy, who doesn't work for the dealership, just didn't show up."
The charges for the oil change and tire rotation when they were on a coupon that the "service adviser" accepted when we brought the car in and then said we never had. And the tires were never rotated, I made witness marks on them to check, something I have done since I worked in a service station in the 60s.
The service manager who denied that such a coupon even existed, despite there being several sitting in plain sight on the service adviser's desk.
The service staff, including the manager, who lied and said the service manager wasn't there, when we requested to see him personally.
The bumper that fell part way off, finally showing where the rattle was coming from, which Ford said was due to a collision and not covered under warranty. Of course there had been no such collision, but since the gods at Ford said there was there must have been, so that was the end of that, at least as far as they were concerned.
All of the letters to the dealership and Ford corporate, including certified return receipt, that were either totally ignored or answered with a form letter.
The denial letter from Ford to the Attorney General's office about our lemon law complaint, stating that we had not given them enough chance to fix the car, and that our complaints were minor or imaginary.
Nope, you couldn't pay me enough to buy another Ford. I micturate on Ford and all its products and descendants until the tenth generation and beyond.