Ford is my newest hero. Not only did they refuse to participate in the auto industry bailout, but they just posted a $2.3 billion profit for the second quarter. For the same quarter last year, they posted a $8.67 billion LOSS. Clearly, a big improvement.
Granted, the company is still experiencing problems. Revenue is down and is just now showing signs of recovery. North American operations are still generating losses. Ford expects to be back to permanent profitability next year due to its leaner and meaner organization, as well as consumer excitement over some of its new products.
Ford also appears to be gaining market share over its main US competitors, GM and Chrysler. This is likely the result of consumer uncertainty about the shaky future the bankrupt companies that are now being run by UAW.
It's also possible that many Americans are like me -- impressed by the one company that didn't take bailout money.
Fierce independence is an American value. It's right up there with baseball and apple pie. Americans are right to be impressed with Ford right now, and maybe that will translate directly into purchasing more Ford vehicles.
Thursday, July 23, 2009
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