Ford expects to return to profitability in 2011, says CEO
By Andrew C., 27 Aug, 2010. 0 Comments
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Ford expects to return to profitability in 2011, according to Ford President and CEO Alan Mulally who spoke with just-auto.
This statement given by Mulally only fuels speculation that Ford's Q3 financial results will beat analyst expectations. He said that the company is on a "very sound financial footing right now." Ford now has sufficient liquidity and it has reduced its cash-burn significantly. Mulally said that the company is investing in new vehicles to make the finest quality, highest fuel efficiency vehicles.
He does however expect a "slower and longer recovery" for the industry in the US and the world than in the past. He said that it has planned for that based on projections for the economic recovery worldwide. While he realizes that the crisis isn't over, he says that it looks much better now than a year ago. He highlighted Ford's actions three years ago in starting on a transformational plan that has put the company in a relatively strong position. He asserted that Ford had moved "aggressively and decisively" in order to position Ford for a profitable and growing future and that it is what the carmaker is experiencing now.
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