tagged w/ Automobile industry
US auto giant Ford has started construction on a $1 billion manufacturing and engineering complex in India as it bets on the country to help drive global growth, a company statement said on Tuesday.
The new manufacturing facilities in Sanand in the western state of Gujarat will create 5,000 jobs, and will be able initially to produce 240,000 vehicles and 270,000 engines a year, Ford said.
The first vehicles and engines are due to come off the line in 2014.
The complex highlights the automaker's plan "to aggressively grow the Ford brand in India," said Ford India president Michael Boneham.
The new manufacturing facilities are targeted at helping Ford reach its goal of increasing worldwide sales by nearly 50 percent by the middle of the decade to eight million vehicles a year.
"We are aggressively expanding in markets around the world that have the most growth potential," said Joe Hinrichs, president of Ford Asia Pacific and Africa.
Ford has made several moves to support its aggressive expansion plan in India, with the company's total investment in the country to date now at $2 billion.
Rising incomes and rapidly expanding young populations have turned Asia into a battleground for global car manufacturers such as Ford, GM and Toyota, which hope to grow revenues by steering towards the Asia-Pacific region and Africa.
Ford began selling its cars in 1996 in India and in China one year later, but it only recently stepped up its game as it emerged from recession and restructuring in the United States.
Last year, Ford announced it will bring eight new vehicles to India by mid-decade, the first one being the Fiesta, launched in July.
The Detroit firm still has a long way to go to make the region a significant revenue generator. Ford is a comparative minnow in China and India with only three percent of the markets -- the two fastest-growing globally.
http://www.france24.com/en/20110906-ford-building-1bn-manufacturing-complex-indiaUS auto giant Ford has started construction on a $1 billion manufacturing and... more
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This is a bland 4 door sedan, but intentionally so. It's aimed right at heart of the masses. It's the anti-Tesla.
It will cost $45,000 pre-tax breaks, and will get 100 miles per charge. It will take 6 hours to charge, which means in 2 hours it will be good for 40 miles. Says Miles CEO, Kevin Czinger, 100 miles will cover 90% of the drivers needs.This is a bland 4 door sedan, but intentionally so. It's aimed right at heart of... more
The backlash directed at the American auto industry is misplaced anger at the greed exhibited by the banks and AIG who have not delivered any relief to the average American. The auto industry deserves blame for very different reasons, namely slow retooling of their product line, but they didn't mislead us.
I believe many of the current and former leaders of the existing and failed financing industry are surely guilty of at least misleading their share holders and perhaps out right lying to them. It would seem "fair" their investors should demand a return of any bonus's or golden parachutes for covering up the truth about the health of their businesses. True Fannie and Freddie represent the most well known, but by no means the only players, or the major contributors in this fiasco, from the littel I understand about it...
But the bankers should have known that there was a risk of backlash. Few Americans ever dreamed of making what most investment bankers took for granted. In a year when red ink is flowing, why should there be any bonuses at all for executives? Talk of the need to keep valued executives does not play well when those are the same executives who got the banks into this mess.The backlash directed at the American auto industry is misplaced anger at the greed... more
Toyota Motor on Wednesday lost its status as one of the few large companies to hold a top-notch credit rating from all of the three big agencies when Fitch cut its assessment of its long-term borrowing position by two notches.
The downgrade, from triple A to double A, underscores the extent of the global motor industry slowdown, which is rattling Japanese carmakers and pushing their weaker US counterparts to the brink.
The move by Fitch contributed to a 4.6 per cent drop in Toyota’s share price to Y2,985.
Toyota had been the only carmaker, and one of only a handful of companies around the world, to enjoy top credit scores from all three big global rating agencies — Fitch, Moody’s and Standard & Poor’s.
In contrast, Toyota’s three US rivals – General Motors, Ford and Chrysler – have long had junk ratings on their debt.Toyota Motor on Wednesday lost its status as one of the few large companies to hold a... more
DEARBORN, Michigan: With U.S. vehicle sales down nearly 13 percent this year, most car companies have been cutting production rather than increasing it.
But with 1,200 hourly workers cheering them on, top executives of the Ford Motor Company said Thursday at the ceremonial introduction of a new version of Ford's most important product, the F-150 pickup, that they would call back 1,000 laid-off workers to help build more trucks.
"You're going to pull us out of this by building the best truck that's ever been built," William Clay Ford Jr., Ford's executive chairman, said to the crowd at the River Rouge assembly complex.
While its Detroit rivals General Motors and Chrysler wrestle over terms of a possible merger and seek help from Washington to survive the steepest downturn in the industry in decades, Ford says it can survive, and thrive, on its own.DEARBORN, Michigan: With U.S. vehicle sales down nearly 13 percent this year, most car... more