GM, Ford place in top 10 on 2012 Fortune 500 list
Filed under: Ford, GM, Earnings/Financials
If you're a blue-blooded American capitalist, there's nothing better than leading your company to the top of the Fortune 500 - except for making billions of dollars in profits, that is. But thankfully those two objectives tend to go hand-in-hand, as proven by these two men.
Indeed, General Motors CEO Dan Akerson and Ford CEO Alan Mulally have plenty to smile about when looking at the 2012 Fortune 500 list, as their respective companies are pegged at fifth and ninth. While Ford's profit last year dwarfed GM's, according to the Fortune list, GM's revenue was greater than all but four other corporations: Exxon Mobil, Wal-Mart, Chevron, and ConocoPhillips.
The only other automotive firm to hit the top 100 was supplier Johnson Controls at 67, though plenty of other suppliers made the list, including Goodyear at 126 and Ford spin-off Visteon at 321.
GM, Ford place in top 10 on 2012 Fortune 500 list originally appeared on Autoblog on Tue, 08 May 2012 15:59:00 EST. Please see our terms for use of feeds.
Permalink | Email this | CommentsCar buyers falling back in love with manual transmissions
Filed under: Car Buying, Technology, Ford
From the headlines-we-never-expected-to-see file: "Stick shifts popular again..." Yes, we thought manual transmissions were on their deathbed, what with every carmaker bemoaning low take rates and reports that Volkswagen has decided to do away with them in both its Audi R8 sports car and throughout the range of Lamborghini models. But lo and behold, it seems that manuals accounted for 6.5 percent of new vehicle sales during the first quarter this year, the highest take rate since 2006, according to Edmunds.com numbers cited by USA Today.
This surge in popularity comes despite a 10-percent drop in the percentage of new models offering stick shifts in the past five years, according to the report. The change in consumer behavior has surprised some automakers, including Ford, who told the newspaper that demand for a manual in the Focus is nearly 10 percent, more than double the automaker's original forecast.
Of course before we get too excited - or give credit to the Car and Driver "Save the Manuals" campaign - let's keep in mind that a decade ago, when we first started to hear the groundswell against the manual from automakers, the take rate for manuals was still running above 8 percent. And we're still faced with an inevitable demographic shift as Millennials, born after automatic transmissions became dominant, grow up. The best we can hope for is to teach those willing to learn and hope to keep the manual tranny around as long as possible.
Car buyers falling back in love with manual transmissions originally appeared on Autoblog on Tue, 01 May 2012 13:01:00 EST. Please see our terms for use of feeds.
Permalink | Email this | CommentsNHTSA upgrades investigation into Ford Freestar, Mercury Monterey rust issues
Filed under: Minivan/Van, Government/Legal, Safety, Ford
If you are still stuck driving a prematurely rusty 2004 Ford Freestar or Mercury Monterey minivan, you have our deepest sympathies. But for all your suffering, you might still gain some small measure of satisfaction from Ford.
Remember the investigation launched by the National Highway Traffic Safety Administration last year? Well, the good news is that NHTSA has upgraded the issue to a full-fledged engineering analysis, according to The Detroit News. Specifically, the Feds are trying to figure out whether there's any difference between the 2004 models, vehicles that have engendered 22 reports concerning rust in the rear wheel wells, and 2005-2007 models, for which there are no registered complaints. (A 2006 model is pictured above.)
More than 82,000 vehicles are potentially affected by the rust problems, according to the report, with symptoms including difficulty latching the rear seats and anchor plates that have detached from the vehicle.
NHTSA upgrades investigation into Ford Freestar, Mercury Monterey rust issues originally appeared on Autoblog on Fri, 27 Apr 2012 18:31:00 EST. Please see our terms for use of feeds.
Permalink | Email this | CommentsFord tilts pinball parkers to promote Focus, Active Park Assist
Filed under: Budget, Europe, Marketing/Advertising, Technology, Hatchback, Ford, Humor
We've got to hand it to Ford of Europe - this is one of the most brilliant marketing stunts we've ever seen. Blending the correct amounts of populist outrage, mockery of the common man, hidden cameras, big budget technology, and gritty urban realism into one literal over-the-top promotion that - get this - is actually relevant to the vehicle it is designed to promote? Well, we're impressed, to say the least.
We won't spoil the punchline to the video, created by ad agency Ogilvy of Paris (according to Co.Create), but for anyone who's ever had to suffer through living in a big city and parking on the street, you'll be pleased.
And for those of you who might occasionally do a little park-by-touch yourself? Ford's new Focus with Active Park Assist is just the vehicle for you.
Scroll down to play the whole video.
Continue reading Ford tilts pinball parkers to promote Focus, Active Park Assist
Ford tilts pinball parkers to promote Focus, Active Park Assist originally appeared on Autoblog on Fri, 20 Apr 2012 14:58:00 EST. Please see our terms for use of feeds.
Permalink | Email this | CommentsFord CEO Alan Mulally called out as a tax dodger [w/poll]
Filed under: Government/Legal, Ford
Remember Jetgate? Back in the pre-bankruptcy days of late 2008, when the Big Three CEO's were traveling to Washington to plead their case for funds, Ford's Alan Mulally, General Motors' then-CEO Rick Wagoner, and Chrysler's former chief Bob Nardelli were publicly chastised for flying in corporate jets to the tune of $20,000 per round trip.
Two years earlier, Ford president Mark Fields became a target of outrage when a Detroit-area TV station discovered that his employment contract included $50,000-$70,000 worth of private jet service per week to ship Fields between Dearborn and his home in Florida.
Now this: The New York Times is reporting that Ford spent spent $178,571 on personal air travel for Mulally last year. While Ford no longer has a fleet of corporate jets, according to the report, it pays a charter service to transport Mulally and his kin. And that's not all. Since this benefit is classified as "security measures," Mulally gets off the hook for paying taxes on it, as he doesn't have to report the benefit as income, according to the Times. Mulally received nearly $30 million in compensation last year, according to other reports.
While Ford refused comment, the article calls out the company for using this "common corporate tax trick" that it says robs the federal government of tax revenue from CEO's like Mulally, meaning that taxpayers are essentially subsidizing his perks.
While the report concerns various corporate executives, it singles out Mulally, suggesting that any potential danger to Ford's CEO has to be less than that posed to Supreme Court Justice Ruth Bader Ginsburg, who flies commercial airlines. The Times also says that former Apple CEO Steve Jobs "received no security services from Apple last year before he died."
Ford CEO Alan Mulally called out as a tax dodger [w/poll] originally appeared on Autoblog on Fri, 13 Apr 2012 19:28:00 EST. Please see our terms for use of feeds.
Permalink | Email this | CommentsFreddie Ford predates Asimo by 34 years
Filed under: Classics, Etc., Technology, Ford
So how's this for a way to celebrate National Robotics Week? Ford has dug up some photos and press releases from the late 1960s featuring "Freddie Ford," a quasi-robot made out of auto parts that entertained crowds on the auto show circuit.
To our modern sensibilities, Freddie barely qualifies as an appliance, let alone an actual robot like Asimo from Honda, MABEL from the University of Michigan, or Robonaut from General Motors and NASA. From reading the press releases, we gather that Freddie mainly responded to questions from the audience with corny answers that touted Ford's products.
While Freddie is amusing enough, the real treasure here are the press releases from an era in which Ford could do no wrong. To read the casual mentions of the company's victory at Le Mans with the GT40 and the launch of the original Mercury Cougar is a real treat.Question: "Are those oil pans really your feet?" Answer: "Yes, sir, these are 390 V-8 oil pans from the biggest V-8 that uses only regular gas."
Scroll down for the vintage press releases and check out both the Freddie Ford photos in our gallery.
Continue reading Freddie Ford predates Asimo by 34 years
Freddie Ford predates Asimo by 34 years originally appeared on Autoblog on Fri, 13 Apr 2012 11:00:00 EST. Please see our terms for use of feeds.
Permalink | Email this | CommentsFord, Dow Chemical partner on carbon fiber composites, hope to shed up to 750 pounds
Filed under: Technology, Ford
Ford is getting religion when it comes to light-weighting its vehicles. The company has entered into a new partnership with Dow Chemical to develop carbon fiber that can be manufactured at affordable prices for high-volume applications. That, of course, is the holy grail of weight reduction, which is why other manufacturers like General Motors are also partnering with suppliers to try and achieve the same ends.
Now before you get too excited about the carbon-fiber Mustang in the photos, understand that it was just a limited-production car shown at SEMA in 2009, and it carried a price tag of $135,000. That's the problem with carbon fiber parts - they are expensive because they are much more difficult to manufacture in volume than steel.
But if Ford and other carmakers are going to achieve the sorts of fuel economy improvements required by new regulations, they're going to have to either scale carbon fiber or dramatically shrink the size of most vehicles. Ford says it's targeting a 750-pound weight reduction per vehicle by the end of the decade.
Scroll down to read the full press release.
Ford, Dow Chemical partner on carbon fiber composites, hope to shed up to 750 pounds originally appeared on Autoblog on Fri, 13 Apr 2012 07:59:00 EST. Please see our terms for use of feeds.
Permalink | Email this | CommentsFord Racing reveals its latest Mustang project
Filed under: Aftermarket, Performance, Ford, Racing
It's always interesting to see what the guys who make and sell speed parts will build to show off their wares. Heck, that's the appeal of the SEMA show in a nutshell. So we're intrigued by this new 2013 Mustang project from Ford Racing, despite its unfortunate color, "Gotta Have It Green," a hue that doesn't exist in the natural world. (Outside of 1980's album covers, that is.)
As reported on Mustangs Daily, the project starts with everyone's favorite Ford V8, the Coyote five-liter, but adds a whole bunch of stuff from the Ford Racing Performance Parts catalog, including a 2.3-liter, intercooled, twin-screw Whipple supercharger. The car has a six-speed manual, of course, and there's an 8.8-inch axle out back. It's been lowered an inch, thanks to new FRPP springs paired with matching shocks. Stopping power comes courtesy of a 14-inch, four-piston Brembo setup and Laguna Seca brake duct kit. This project 'Stang is also equipped with a Mustang GT Side Exhaust System, 19-by-9-inch wheels with massive 255/40/ZR19 Pirelli PZero tires, and the Laguna Seca Adjustable Front Splitter.
While we don't see any performance specs for the car, we know the supercharged V8 is good for 624 horsepower and 536 lb-ft of torque.
You can check out all the images of the Ford Racing Mustang project car in our gallery.
Ford Racing reveals its latest Mustang project originally appeared on Autoblog on Sat, 07 Apr 2012 18:01:00 EST. Please see our terms for use of feeds.
Permalink | Email this | CommentsMulally receives nearly $30M in compensation for 2011
Filed under: Ford, Earnings/Financials
If you're Alan Mulally's gardener, it's probably a good time to ask the boss for a raise. The Ford Chief Executive Officer just pocketed $58.3 million in stock earlier in the month, and now his 2011 compensation has been made public - and it's increased some 11 percent.
Mulally received $29.5 million in 2011, according to The Detroit News, more than twice the next-highest-paid Ford officer cited in the report, Executive Chairman Bill Ford Jr., whose total compensation was $14.46 million. While Mulally's salary amounts to a paltry $2 million, he was paid a $5.46 million bonus, with the rest coming in "stock and option awards as well as personal expenses, which can entail personal use of private aircraft, cell phone use, security, and fuel and car washes," according to the report.
The News says Ford surpassed its profit targets in 2011, but missed other internal benchmarks.
Doing some quick math, Ford sold 5.7 million vehicles globally in 2011, meaning that Mulally pocketed $5.17 for each one.
Mulally receives nearly $30M in compensation for 2011 originally appeared on Autoblog on Fri, 30 Mar 2012 19:25:00 EST. Please see our terms for use of feeds.
Permalink | Email this | CommentsBook: Ghosn would’ve taken top spot at Ford, but only if named CEO and Chairman
Filed under: Etc., Hirings/Firings/Layoffs, Ford
With just a day until Bryce Hoffman's American Icon: Alan Mulally and the Fight to Save Ford Motor Company is released, more revelations from the book are hitting the headlines. Among the juiciest: Nissan-Renault chief Carlos Ghosn was offered the top job at Ford prior to Alan Mulally, but turned it down because he didn't want to work for then-CEO Bill Ford.
According to excerpt from the book published by Automotive News, Ford made Ghosn a formal offer in early 2006, but Le Cost Cutter insisted the only way he would come to Ford was if he was named both the CEO and chairman of the board. When Mulally was eventually hired as CEO, Bill Ford stepped aside but retained his position as chairman of the company that shares his surname.
Despite Bill Ford's power at the company that bears his family's name, other excerpts from the book reveals that he didn't always get the straight scoop from other executives. One soon-to-be-famous example concerns the second-generation Ford Focus, which went on sale in Europe in late 2004. Just as most journalists did at the time, Bill Ford wanted to know why the new model wasn't coming to North America. According to the excerpt, then-president Jim Padilla gave his boss a PR-spin-worthy line about "product cycles [that] don't line up."
Ford was unpleased with the explanation, according to the report: "This is all a bunch of [expletive], he fumed as he left the meeting. Nobody will give me a straight answer."
Book: Ghosn would've taken top spot at Ford, but only if named CEO and Chairman originally appeared on Autoblog on Mon, 12 Mar 2012 13:30:00 EST. Please see our terms for use of feeds.
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