Once on the verge of bankruptcy and accepting a government bailout, Ford has turned its operations around and emerged from one of the worst years in the history of the automotive industry with gained market share in the US and Europe and reduced operating costs.
Ford reported earnings of $2.7 billion for the full year in 2009. That’s a stark contrast to the year prior when Ford managed to lose a record $14.6 billion. Needless to say, the company has performed better than many expected, and much of the turnaround could be attributed to Ford’s dramatic cost-cutting efforts.
Another important objective for Ford’s turnaround was creating a more singular, global product lineup to help eliminate redundancies and streamline production.
Despite tremendous challenges ahead as the industry rebounds from a crippling recession, Ford’s CEO Alan Mulally is confident in Ford’s global operations. “In every part of the world, we are providing customers with great products, building a stronger business and contributing to a better world. Our progress has helped us gain market share in most of our major markets.”
Perhaps benefiting Ford further is the recent halting of Toyota’s auto sales. As the current Ford lineup includes many competing models, many potential Toyota customers may soon turn to the Blue Oval instead.
