Ford Hopes to See Profit in 2011

Ford, a.k.a. the only Detroit Three member who hasn't sought government support in its life-saving strategy, said it expects to return to profitability as soon as 2011. In the annual meeting with shareholders, representatives of the company emphasized that the restructuring process goes according to the plan and the first positive results are expected to be announced in 2011.

"Much of the tremendous progress we have made has been overshadowed by the economic crisis of historic proportions that began last year," Ford Executive Chairman Bill Ford commented on the current economic situation according to Autonews, pointing that this is the most difficult period he has ever seen in 30 years. "We are undergoing the most rapid and far-ranging transformation in our history."

Furthermore, the company says it still doesn't need financial support sourced from the government, pointing that the restructuring process is heading the right way and first signs of recovery are expected in about two years.

"We are confident that we will not only survive this downturn, but that we will emerge as a lean, globally integrated company poised for long-term profitable growth," CEO Alan Mulally explained.

Rev. Jesse Jackson, one of the 98 Ford shareholders who attended the meeting, said that the bankruptcy state Chrysler is currently living in would obviously have an impact over the US industry, especially given the fact that General Motors might file for Chapter 11 protection as soon as the end of this month.

"I raise these concerns because I have a trembling fear that Chrysler has gone bankrupt incentivized by policies and GM appears next," Jackson said at the meeting. "We cannot afford to lose a manufacturing base and maintain our security."
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About the author: Bogdan Popa
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Bogdan keeps an eye on how technology is taking over the car world. His long-term goals are buying an 18-wheeler because he needs more space for his kid’s toys, and convincing Google and Apple that Android Auto and CarPlay deserve at least as much attention as their phones.
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