WhereHaveYouBeen
08-09-2006, 09:22 AM
http://money.cnn.com/2006/08/09/news/companies/bc.autos.ford.reut/index.htm
DETROIT (Reuters) -- Ford Motor Co. remains committed to returning its North American operations to profitability by 2008, a senior executive told reporters Tuesday.
"We're not backing off our commitment on that," said Mark Fields, Ford's president of the Americas and the executive charged with spearheading the company's restructuring plans.
The company made a loss in the second quarter.
Fields also said Ford would announce its accelerated restructuring plan by the end of the next month to respond to the weakening demand for trucks and SUVs in the U.S. market.
"You'll see us come back before the end of September," he said.
Fields added that he believes a shift to more fuel-efficient vehicles, which has hurt Ford, would prove permanent. "I'd rather be proactive than wish things would go back to where they were because I don't think they will," he said.
Fields said Ford is evaluating the implications of a potential alliance between General Motors Corp., Nissan Motor Co. Ltd. and Renault SA, adding that Ford would be open to its own alliances if they made sense.
"Our focus now is on fixing North America but where it makes sense we'll have discussions... Maybe it'll amount to something maybe it won't," he said.
Ford has a controlling stake in Mazda Motor Corp., an existing alliance. "We have considerable experience with alliances but they have a degree of difficulty there.
Some observers have suggested Ford could look to spin off its lagging luxury brand Jaguar.
Fields said Ford would position Jaguar as a niche brand, a reversal of faster growth expectations for the unit.
Jaguar is in a "rebuilding phase and we are recalibrating from our very high expectations of the late 1990s," he said.
DETROIT (Reuters) -- Ford Motor Co. remains committed to returning its North American operations to profitability by 2008, a senior executive told reporters Tuesday.
"We're not backing off our commitment on that," said Mark Fields, Ford's president of the Americas and the executive charged with spearheading the company's restructuring plans.
The company made a loss in the second quarter.
Fields also said Ford would announce its accelerated restructuring plan by the end of the next month to respond to the weakening demand for trucks and SUVs in the U.S. market.
"You'll see us come back before the end of September," he said.
Fields added that he believes a shift to more fuel-efficient vehicles, which has hurt Ford, would prove permanent. "I'd rather be proactive than wish things would go back to where they were because I don't think they will," he said.
Fields said Ford is evaluating the implications of a potential alliance between General Motors Corp., Nissan Motor Co. Ltd. and Renault SA, adding that Ford would be open to its own alliances if they made sense.
"Our focus now is on fixing North America but where it makes sense we'll have discussions... Maybe it'll amount to something maybe it won't," he said.
Ford has a controlling stake in Mazda Motor Corp., an existing alliance. "We have considerable experience with alliances but they have a degree of difficulty there.
Some observers have suggested Ford could look to spin off its lagging luxury brand Jaguar.
Fields said Ford would position Jaguar as a niche brand, a reversal of faster growth expectations for the unit.
Jaguar is in a "rebuilding phase and we are recalibrating from our very high expectations of the late 1990s," he said.