The all new, next generation Ford Mustang will have its world premiere next Thursday, Dec. 5, 2013. Reflecting the fact that for the first time Ford will be selling the Mustang globally, including in right hand drive format, the car will be simultaneously debuted in six cities around the world, on four different continents. For the North American market, Ford will get top billing that day on the ABC television network’s popular “Good Morning America” show, broadcasting from New York City, at the same time that the new Mustang will be revealed at events in: Los Angeles, California; Sydney, Australia; Shanghai, China; Barcelona, Spain, and near Ford’s world headquarters in Dearborn, Michigan. (Read More…)
Tag: alan mulally
The C-Suites of two major auto makers are unlikely to change in the near future, despite rumors suggesting that both Ferdinand Piech and Alan Mulally are set to depart both VW and Ford respectively.
At a dealer event in Sydney, Australia, Ford CEO Alan Mulally defended the company’s decision to close its Broadmeadows and Geelong assembly plants in this country, saying it was Ford’s only option if they wanted to remain in the Australian market, what Mulally called the most competitive in the world. The Ford executive also explained that the automaker is taking three years to manage to shutdown in order have an orderly transition and to treat “stakeholders” equitably. (Read More…)
China has become an area of tremendous potential for companies as the nominally communist country has embraced capitalism. The hybrid result, according to Ford CEO Alan Mulally, is in some ways an improvement on what’s been a pretty sluggish and inefficient democratic process elsewhere in the world.
Ford is set to promote Mark Fields, head of Ford’s operations in the Americas, to the newly created post of COO, paving the way for him to succeed Alan Mulally as CEO.
Ford won’t be following in the footsteps of Renault and other auto makers that have introduced “low cost” brands like Dacia. But the company hasn’t ruled out a model line of cheaper vehicles either.
Contrary to initial reports, Ford CEO Alan Mulally told Canadian newspaper The Globe and Mail that the Ford B-Max MPV will be coming to North America after all.
When Chrysler’s CEO Sergio Marchionne took the stage over the weekend to honor Lee Iacocca with an induction into the Walter P. Chrysler Legacy circle, he admitted to feeling unworthy of honoring Chrysler’s most famous executive in recent memory, and called Ford’s Alan Mulally and the UAW’s Bob King to help share the honor. And being the business-obsessed type he is, Marchionne wasn’t about to let Mulally get on stage without at least a mention of Ford’s just-announced $2.6b profit. And though the recognition and ensuing awkward “moment” helped add to the usual Detroit gala hometown booster vibe, it also highlighted the fact that Chrysler still has yet to announce its Q2 results.
After four straight profitable quarters, Alan Mulally’s forecast today of a “solidly profitable” 2010 shouldn’t come as a huge surprise. But, as Executive Chairman Bill Ford put it to Ford shareholders at the company’s annual meeting [via AP],
It is the very early days in our recovery. We still have a lot of debt
And he’s not kidding. As of the end of Q1 2010, Ford was carrying $34b in debt. And though Ford faces a higher cost of borrowing because of its staggering debts, Bill Ford was clear that he wouldn’t trade places with Ford’s Detroit competitors, which cleaned out their balance books, at the expense of government bailouts and accompanying PR problems. After all, while GM and Chrysler were rebuilding, Ford managed to outperform both of them last year by gaining sales and market share. And Ford’s leadership sees that momentum carrying forward into next year.
With about $34.4b in debt and a selling rate that’s being propped up by incentives and fleet sales, Ford ain’t out of the woods yet by a long shot. But compared to the ongoing debacles in the RenCen and Auburn Hills, things are looking downright sunny under the sign of the Blue Oval. Most of the credit for that tends to go to CEO Alan Mulally, who left Boeing to assume control at Ford in 2006. There are people who want him gone. (Read More…)
For all the praise and positive comparisons he earns, Ford’s Alan Mulally still refuses to man up and acknowledge that at least one of his firm’s brands is as meaningful to the American consumer as Kaiser or Cord. And it’s not like Mulally can just ignore the brand’s slide into ignominy: after all, people notice when you never introduce new products for a brand that was wholly comprised of cheap rebadges in the first place. Well, Inside Line noticed, and they cornered Mulally at the Washington Auto Show to get his take on the brand with no purpose.
“The plan right now is (to develop) Ford, Lincoln and Mercury,” Mulally answered.
He said Ford is working to more effectively position Mercury with smaller vehicles that occupy the void between the mainstream Ford brand and Lincoln, which directly targets the luxury-premium market. “That’s our plan — to continuously improve the Mercury and Lincoln brands,” Mulally said.
But after a little more discussion, Mulally felt compelled to reiterate: “That’s the plan right now.”
Despite Ford’s surging stock price, new models and rising customer confidence there’s always been that one bone of contention which had divided peoples’ opinion: debt. $35 billion of it. Though they’ve tried to restructure it, selling new shares and raising cash throughout 2009, it’s still a problem. But apparently it’s becoming less of a problem. ABC news report that Fitch Ratings upgraded their assessment of the risk of Ford defaulting on its debt obligations, basing their optimistic view on a better economic environment, the company’s stronger margins, increased market share and cash position. Oh yes, and a small matter of $5.9b in federal DOE retooling loans [full Fitch release here]. Ford’s Credit unit also received a hearty slap on the back from Fitch because of its improving access to capital, as its rating was raised from “CCC” to “B-”. But let’s not get carried away. While this is a positive step in Alan Mulally’s vision of a sustainable Ford, the rating still qualifies Ford debt as non-investment grade.
Despite his genial, affable manner, Alan Mulally is a businessman and, by all accounts, a businessman not to be crossed with. One story goes, when he first started with Ford, he let them know, in the clearest possible terms, “Everybody says you can’t make money off small cars,” he said. “Well, you’d better damn well figure out how to make money, because that’s where the world is going.” Long protected from the brutal rationalisation of the global market, Australia might be about to get a taste of the man’s darker side as he attempts to drag Ford’s Australian ops into the 21st Century.
GM’s New Chairman and CEO, Ed Whitacre may not be talking to the press about his plans for the state-owned automaker, but he’s talking to someone. Reuters reports that Alan Mulally, CEO of Ford, has already had a chat with GM’s chairman and CEO, Ed Whitacre. Mulally didn’t disclose what they talked about, but did mention his reasons as to why they had the chat. “You want to be supportive because we have a lot of industry issues that we work together,” Mulally said, “He’s reaching out just the way that I did when I came in.”