August 9, 2008 |
Ford Motor Co. said its finance unit planned to reduce vehicle leasing because of declining resale values for large pickups trucks and SUVs. The drop in those values "has made leasing vehicles less economical than in the past," Ford said in a regulatory filing. The Dearborn, Mich., company joins competitors such as General Motors Corp. and BMW in cutting back on such contracts. Chrysler's finance arm stopped offering them Aug. 1.
CALIFORNIA | LOCAL
September 15, 1985
Your article "Ford to Lay Off Another 600 Workers" (Sept. 7), with its accompanying photo by Mark Boster of a worker driving out of the Ford parking lot with his children, evoked memories of Depression photos by James Agee and Walker Evans. In those faces are fear, fatigue, frustration and submerged anger. How can Ford so summarily dump their hourly employees with less than two days' notice while the company receives full payment for all of the Sgt. York weapons--even those they will never build?
September 17, 1986 |
Former President Gerald R. Ford, expressing support for President Reagan's proposal to impose drug testing on an estimated 1 million federal employees, said he would take a drug test "under any circumstances at any time." Ford rejected suggestions that tests of federal workers would deny workers due process of law or violate their Fourth Amendment rights. He spoke to reporters before delivering a lecture at the University of Dayton commemorating the 200th anniversary of the Constitution.
September 9, 1986 |
Former President Gerald R. Ford can't seem to shake his reputation for clumsiness. He was in the Detroit suburbs Monday to speak at a GOP fund-raiser. When he finished taking questions from reporters, Ford smiled and backed into a low-hanging chandelier. He wasn't hurt, but the incident added to a list of minor accidents ranging from getting knocked over by a chair lift while skiing and hitting a spectator with a golf drive to stumbling on an airplane ramp.
May 24, 2008 |
Billionaire investor Kirk Kerkorian added $100 million to his line of credit to finance his bid to boost his stake in Ford Motor Co., according to a government filing. Kerkorian's Tracinda Corp. said it might borrow as much as $600 million from Bank of America Corp., up from a potential loan of $500 million. Kerkorian has offered $8.50 a share for as many as 20 million shares of Ford's common stock, a cash offer worth as much as $170 million. If he succeeds, his stake in the automaker would rise to 5.5% from 4.7%.
January 23, 2008 |
Ford Motor Co. has sufficient liquidity to weather an economic downturn, even if the economy worsens, Chief Executive Alan Mulally said. Mulally said Dearborn, Mich.-based Ford initially believed it would need $17 billion for restructuring and to cover losses, but it raised $23 billion, giving it a cushion. Mulally said he didn't know whether he had enough time to fix Ford, though he was confident in its restructuring plan that called for a return to profitability in 2009. The CEO's comments came two days before the automaker expects to announce the details of another round of buyout and early-retirement packages for hourly workers when it reports its 2007 earnings and future projections Thursday.
April 13, 2008 |
For most drivers there's a lingering doubt when changing lanes on the freeway: Did I miss a car in the blind spot? Starting early next year, Ford Motor Co. will try to eliminate that doubt. It will begin installing side-view mirrors on its vehicles that show the blind spots in the outside upper corners. The Dearborn, Mich.-based automaker said it knew of no other automaker offering the feature. Ford says it will put the mirrors on a few Ford, Lincoln and Mercury models to start, eventually making them standard across most of its lineup.
January 24, 2008 |
Ford Motor Co. is expected to offer a new round of buyouts to all of its 54,000 hourly workers in the U.S., a move that could trim thousands of jobs and pave the way for lower-wage replacements. Under the Dearborn, Mich.-based company's new contract with the United Auto Workers, which was reached in November, the company can replace employees taking the buyouts with workers who would be paid $14.20 an hour, or about half the wage of a current worker. Under the contract, as much as 20% of Ford's U.S. hourly workforce could be paid the lower wages.
October 29, 2008 |
Billionaire Kirk Kerkorian sold 26.4 million more Ford Motor Co. shares as he unwinds a $995-million investment in the second-largest U.S. automaker to focus on gambling, hotels and energy. Kerkorian, 91, reduced his holdings to 107.1 million shares, or 4.89%, his Tracinda Corp. said in a regulatory filing. The sales occurred Oct. 21 through Monday at an average of $2.01 a share, Tracinda said. The investor last week reversed course on Ford less than six months after expressing confidence in Chief Executive Alan Mulally's turnaround efforts.
August 19, 1990
Two items in your July 25 "Briefly" column really stood out: (1) Domestic car and truck sales off, with Ford dropping 18.8%, the most of all; and (2) Ford Motor Co. said the average price of one of its 1991 cars will be $528, or 3.2% higher, and the average light truck price will increase by 3.6%. How they figure that raising prices will increase sales is mystifying. I can only assume that they use the same convoluted logic that the state Lottery used when deciding that decreasing the odds of winning by adding more numbers would increase revenue.