Ford Posts

Ford expected to announce Mark Fields as new CEO

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Ford Motor Company is likely going to announce Mark Fields as the next CEO. He will be succeeding eight-year CEO Alan Mulally. Mark Fields is currently the chief operating officer of Ford Motor Company. Last year, there were rumors that Mulally would become the successor to Microsoft CEO Steve Ballmer. Satya Nadella ended up taking that job. Fields has been COO of Ford since late 2012 and has been accepting more responsibilities from Mulally.

Ford Motor Company (F) is cutting 950 jobs in Russia

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Ford Motor Company (NYSE:F) is going to cut jobs in Russia due to a weakening ruble currency and decrease in demand by customers in the local market. This will affect two plants in Ford’s joint venture with Russian manufacturer OAO Sollers. This will affect 700 positions in Saint Petersburg and 250 temporary positions in the Tartarstan region, which will be gone in June. The production in Saint Petersburg will also lose one shift. The demand of small cars has been dropped in favor of large SUVs. Ford said that the joint venture would continue to remain committed to the Russian market. The ruble currency lost 13% of its value against the dollar within the last year. The Saint Petersburg plant will be shutting down for over 4 weeks before single-shift production and painting starts on June 9th. This plant is known for building the Mondeo and Focus.
[Source: Bloomberg]

Ford makes fun of the Cadillac ‘Poolside’ ad

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During the Winter Olympics, General Motors aired a TV ad called “Poolside.” The Poolside ad starred Neal McDonough and talked about the upside of working hard. McDonough said that other countries takes the month of August off as a whole.
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Ford Motor Company (F) partners with General Electric Company (GE) on charging station project

Ford Motor Company (NYSE:F) is partnering with 
General Electric Company (NYSE:GE) to supply vehicle charging stations at Ford facilities across the country. The project will be starting with facilities in and around its headquarters in Dearborn, Michigan. Interestingly, Ford and GE have been partnering since over 100 years ago on several projects when Henry Ford started Ford Motor Company and Thomas Edison started GE. 

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Ford Motor Company (F) CEO Alan Mulally is receiving $14 million stock bonus

Alan Mulally
Ford Motor Company (NYSE:F) has received $13.8 million in Ford stock, according to company filings. This is up from the $11.6 million bonus he received a year ago. The bonus package is based on Ford’s 2013 performance. and is part of his pay package for last year.
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General Motors Company (GM) and Ford Motor Company (F) reports double-digit gains in China

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General Motors Company (NYSE:GM) and Ford Motor Company (NYSE:F) have both reported double-digit sales gains in China for February. GM increased 20% and Ford jumped 67% from a year earlier period.
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Ford Motor Company (F) is being sued over patented turn signal technology

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Ford Motor Company (NYSE:F) is being sued over patents related to automatic turn signals. Former GM and Valeo design engineer Richard Ponziani claims that he owns a patent from 2008 that covers Ford’s three-blink lane change technology, according to a public complaint filed in federal court in Wilmington, Delaware. Ford pitched the turn signal as a solution to one of the top 10 driving pet peeves in 2009. The turn indicator blinks there times and then automatically shuts off. This technology is used in the Ford F Series, the Ford Taurus, Ford Edge, and Ford Fusion. The damages being sought are unspecified.
[Source: AutoNews]

Ford Motor Company (F) is seeking a $12 billion credit line expansion

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Ford Motor Company (NYSE:F) is seeking a line of credit expansion that totals $12 billion. The line of credit will consist of a $9 billion revolving loan for a five year term, which can be borrowed again when it is repaid.
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