Ford Motor Company has dropped the compensation of CEO Alan Mulally’s 29% last year after they fell short of their profit and cash flow targets. Mulally received around $2 million in salary, $3.95 million in bonus, and $15 million in stock, options, and other compensation.
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Yesterday Pulse2 wrote about how the Lincoln brand was coming to China, but now we know the full details about Ford’s expansion. Ford Motor Company has announced a new state-of-the-art assembly plant based in Hangzhou. This new plan will double production capacity in China to around 1.2 million passenger cars annually by 2015. This is part of Ford’s largest expansion in the last 50 years. Ford and their joint venture with Changan Ford Mazda Automobile (CFMA) will lead to a $760 million (RMB 4.8 billion) investment in the new plant. This brings Ford’s total investment in China to around $4.9 billion since 2006.
The salary, cash bonuses, and stock for Ford CEO Alan Mulally has been increased by 11%, adding up to an annual amount of $29.5 million. In 2010, Mulally was paid $26.5 million.
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Ford Motor Company (NYSE:F) has announced a third quarter net income of $1.6 billion, or 41 cents per share. This is a $38 million decrease from Q3 2010. The pre-tax operating profit was $1.9 billion. The total company revenue for the third quarter was $33.1 billion, which is up $4.1 billion from Q3 2010. Ford Credit also reported a pre-tax operating profit of $581 million. This is a decrease from Q3 2010.
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Ford and Toyota have announced a “memorandum of understanding” that partners the two companies in creating a hybrid platform for rear-wheel drive SUVs and light trucks. The collaboration also includes a partnership to further the future of telematics standards. Ford and Toyota will be “equal partners” in creating the hybrid system, Engadget reports.