Jump to content

Industry News: Ford Executive Wants A Sequel To "Cash for Clunkers"


Recommended Posts

The COVID-19 pandemic has basically brought most of the world to halt. Orders to stay at home, businesses either having workers to their work from home or closing down, and unemployment skyrocketing is causing the economy to crater. There are efforts to try and jump-start the economy such as $1,200 stimulus checks. But an executive at Ford wants to see a return of a "cash for clunkers" like program.

“We think some level of stimulus somewhere on the other side of this would help not only the auto industry and our dealers, which are a huge part of our overall economy, but will help the customers as well,” said Mark LaNeve, Ford’s vice president of U.S. marketing, sales and service to Bloomberg.

“Cash for clunkers was very effective at that time. It would be nice to think we could have something equally as effective for 2020 when we get out of this because it was a great program.”

According to LaNeve, internal discussions are taking place at Ford about doing a similar program and there are plans to bring the Government in to these talks.

When asked by Automotive News about this, Ford spokeswoman Rachel McCleery said, "The auto industry is America’s economic engine.We are encouraging Congress to look at a variety of ways to drive job creation, increase demand, support customers and provide long-term stability for the entire auto ecosystem."

A brief refresher on the Cash for Clunkers program. In 2009, the U.S. Government introduced a billion initiative called the Car Allowance Rebate System, which gave a voucher worth between $2,900 and $4,500 to anyone replacing a vehicle newer than 1984. Their old vehicle would be taken away and disposed of. The program was nicknamed Cash for Clunkers.

On the surface, the program was a success. Within first month, all of the funds were exhausted. This prompted the U.S. congress infuse an addition two billion into the program, which would be all gone within 17 days. But begin to look deeper and the results are mixed. In 2012, a study published in the Quarterly Journal of Economics described the program as being a bit of a wash,

"...the effect of the program on auto purchases is almost completely reversed by as early as March 2010 — only seven months after the program ended.”

Other studies have come to the same conclusion.

There's also the question of how many perfectly good used cars were taken off the road due to the program.

Source: Bloomberg via Automotive News (Subscription Required), The Drive, The Truth About Cars


View full article

Link to post
Share on other sites
  • Replies 50
  • Created
  • Last Reply

Top Posters In This Topic

Top Posters In This Topic

Popular Posts

That Ford executive wants Cash for Clunkers because he sees an opportunity for Ford to get more money from the government.  That is the real issue.  I do not believe that we need a Cash for Clunkers p

While I have no problem with the government spending tax dollars on new tech to get things moving forward as to why I support the EV rebates for now, eventually they have to go away.  Things that

Back to c4c it decimated the used car stock. I live in Dayton Ohio and was out of work from 2009- 2013, sure my age and highish past pay rate added to my woes but that was a painful time. In looking t

Posted Images

It will fail.

The big difference? There will be way, way more people out of work. At this stage, folks aren’t even sure that the world will end. Back during the Great Recession, you knew at least some point things would get better. And it did. But we’ve never seen damage done this bad. So even if the deals are good, people may still not jump on this....

Second- Automakers will adjust to demand this time around. They even have other things that they can build. For the first time- some profit (maybe) will not be from the cars. I would be surprised I’d sales of cars even touch 10 million this year. This all depends when people can get out again......

Link to post
Share on other sites
58 minutes ago, daves87rs said:

But we’ve never seen damage done this bad

Yes we have. We've seen worse. A whole lot worse.  And there are people still alive and still remember those bad bad times...

We are a weak society as compared to prior generations...

The bombs were not dropped and exploded on North American turf, but the effects of the war on the economy side of things affected North Americans.

RATIONS

And Im not even talking about Europe and how Europe was devastated by bombs and lack of food and disease on the streets along with dead bodies from war and internal in fighting and sabotaging and back stabbing and soldiers murdering innocent civilians and the list goes on and on and on.  Not to mention self isolation when the bombs hit and Europeans prayed it was not their house exploding

Im talking about America.

The war effort in America had a severe economic impact.  Detroit produced war machines. Not cars for about 3 years. It wasnt the boys who made them. It was the girls. The boys were off to war.  The girls, the married ones, prayed that they didnt get a certain letter from Uncle Sam.....  Many boys came back home in body bags...

The only thing is, there was no self isolation in America during WW2 as there was in Japan, Europe and in today's situation. But there was no internet and no TV either back then...no video games.  Some places in America barely had electricity and lights...even in 1942...

Not everybody had a job prior to 1939  either(start of WW2 for everybody else other than the US) so buying consumer products was not a thing...like we do today....even in a Covid19 lockdown.  We could still go to Wallmart and buy a Playstation 4, or workout equipment  because our favorite gym is closed...  We could still order take-out.  That kind of consumerism was not even dreamt of back in 1939...    Hell...even after the war in 1945...that concept wasnt even conceived.   Drive thrus though in the 1950s? maybe?

We also have credit today...unless of course those of us who over consume and are maxed out from buying too many Starbucks coffees and useless contraptions...   But even then... the US household does have on average 3-4 TVs and at least 2 computers and 2 smart phones at their disposal during this crisis with unlimited internet...

We also have 2-3 cars in our Average Joe homes...  

Jobs?

Yeah...those will be coming back after all this.  

Businesses will re-open. Those that went away...will spawn new businesses.

After all...American consumerism is a way of life.  That wont go away...

And to those that will have a hard time getting back on their feet BECAUSE of overspending in the past...

HOPEFULLY THIS will RESET THEIR mindset and we could get back to a much more simpler time and material objects are not coveted as much as we coveted them prior to this pandemic.

Stay safe. Lets be careful on how we interact with our immediate environment and hopefully their is a solution around the corner soon. But we have faced much much tougher economic times than this.  

Human Mortality is always grim,  so I wont downplay anything regarding that. THAT would be inhumane. 

IN OTHER WORDS:

We also have 2-3 cars in our Average Joe homes...  

CASH FOR CLUNKERS IS NOT ALL THAT IMPORTANT RIGHT ABOUT NOW...

To get the industry rolling again?

In another thread...I was a major contributor in arguing for and against what constitutes a luxury vehicle...

Well...all that is NOT IMPORTANT...

ALL auto manufactures may now need to  go back into time and re-introduce back to basics automobiles... 

Honda CVCCs,  BMW ISETTAs,  Ford Model Ts...

Forget about Longhorn Laramies and AMG E Classes for the moment after this crisis is done with...and then maybe cash for clunkers could work out...

50 000 dollar pickup trucks with all the frills, bells and whistles is totally not what is important and needed.

All the ApplePlay connectivity to tell us where to spend our money is not what is important and needed.

The 20 inch rims and Brembo crossdrilled ceramic brakes are not what is important and needed...

For our transportational needs going forward after this Coronavirus COVID19 thing gets resolved....

 

 

 

  

 

Edited by oldshurst442
Link to post
Share on other sites

That Ford executive wants Cash for Clunkers because he sees an opportunity for Ford to get more money from the government.  That is the real issue.  I do not believe that we need a Cash for Clunkers program this time.

As for back to basics automobiles, maybe that will happen but I doubt it.  Not only are current new vehicles too expensive, but used vehicles can be bought at semi-reasonable prices.  Unless the fight is over a brand new $10K Chevy Trax, I suspect that automakers will make do with a market that only sells 8-12 million new cars a year for the next several years.

  • Thanks 1
  • Upvote 2
Link to post
Share on other sites

No, this is a stupid idea.  Really ashamed that someone from Ford would suggest this.

How about concentrating on how many more new 2020 Escapes you can sell instead of 70,000 dollar Aviators now?

Likewise, GM, maybe something like the Cruze is a valuable entry in the car lineup now?

Watch GM spin this into needing all sorts more money to dump into autonomous and electric black hole now.  I would be for the development budgets of electric being increased if the charging grid were part of that investment but I haven't seen jack squat of that to date.  And in the meantime, how about instead of cash for clunkers, get more hybrid powertrains into volume lines.  Like an Equinox hybrid.  Give credit for continuing hybrids in some of its product lines.  

Edited by regfootball
  • Like 1
  • Upvote 1
Link to post
Share on other sites

Bad idea, waste of taxpayer money that can go to more important things.

Also if did it, they would require the new car to be an EV (which are mostly too expensive, especially for people that have economic hardship) or it would have to be on a car that gets 30 or 35 mpg combined or something fuel efficient and Ford quit making their cars and has nothing fuel efficient, outside of an Escape Hybrid.

We don't need more corporate welfare, auto companies were making billions in profits a couple years ago, I didn't see them giving it all away to charity or to the government to pay extra taxes. 

  • Upvote 1
Link to post
Share on other sites
7 hours ago, oldshurst442 said:

Yes we have. We've seen worse. A whole lot worse.  And there are people still alive and still remember those bad bad times...

We are a weak society as compared to prior generations...

The bombs were not dropped and exploded on North American turf, but the effects of the war on the economy side of things affected North Americans.

RATIONS

And Im not even talking about Europe and how Europe was devastated by bombs and lack of food and disease on the streets along with dead bodies from war and internal in fighting and sabotaging and back stabbing and soldiers murdering innocent civilians and the list goes on and on and on.  Not to mention self isolation when the bombs hit and Europeans prayed it was not their house exploding

Im talking about America.

The war effort in America had a severe economic impact.  Detroit produced war machines. Not cars for about 3 years. It wasnt the boys who made them. It was the girls. The boys were off to war.  The girls, the married ones, prayed that they didnt get a certain letter from Uncle Sam.....  Many boys came back home in body bags...

The only thing is, there was no self isolation in America during WW2 as there was in Japan, Europe and in today's situation. But there was no internet and no TV either back then...no video games.  Some places in America barely had electricity and lights...even in 1942...

Not everybody had a job prior to 1939  either(start of WW2 for everybody else other than the US) so buying consumer products was not a thing...like we do today....even in a Covid19 lockdown.  We could still go to Wallmart and buy a Playstation 4, or workout equipment  because our favorite gym is closed...  We could still order take-out.  That kind of consumerism was not even dreamt of back in 1939...    Hell...even after the war in 1945...that concept wasnt even conceived.   Drive thrus though in the 1950s? maybe?

We also have credit today...unless of course those of us who over consume and are maxed out from buying too many Starbucks coffees and useless contraptions...   But even then... the US household does have on average 3-4 TVs and at least 2 computers and 2 smart phones at their disposal during this crisis with unlimited internet...

We also have 2-3 cars in our Average Joe homes...  

Jobs?

Yeah...those will be coming back after all this.  

Businesses will re-open. Those that went away...will spawn new businesses.

After all...American consumerism is a way of life.  That wont go away...

And to those that will have a hard time getting back on their feet BECAUSE of overspending in the past...

HOPEFULLY THIS will RESET THEIR mindset and we could get back to a much more simpler time and material objects are not coveted as much as we coveted them prior to this pandemic.

Stay safe. Lets be careful on how we interact with our immediate environment and hopefully their is a solution around the corner soon. But we have faced much much tougher economic times than this.  

Human Mortality is always grim,  so I wont downplay anything regarding that. THAT would be inhumane. 

IN OTHER WORDS:

We also have 2-3 cars in our Average Joe homes...  

CASH FOR CLUNKERS IS NOT ALL THAT IMPORTANT RIGHT ABOUT NOW...

To get the industry rolling again?

In another thread...I was a major contributor in arguing for and against what constitutes a luxury vehicle...

Well...all that is NOT IMPORTANT...

ALL auto manufactures may now need to  go back into time and re-introduce back to basics automobiles... 

Honda CVCCs,  BMW ISETTAs,  Ford Model Ts...

Forget about Longhorn Laramies and AMG E Classes for the moment after this crisis is done with...and then maybe cash for clunkers could work out...

50 000 dollar pickup trucks with all the frills, bells and whistles is totally not what is important and needed.

All the ApplePlay connectivity to tell us where to spend our money is not what is important and needed.

The 20 inch rims and Brembo crossdrilled ceramic brakes are not what is important and needed...

For our transportational needs going forward after this Coronavirus COVID19 thing gets resolved....

 

 

 

  

 

Much of that depends. ( I am a history buff 🙂 )

If this drags out too long, it might make the Great Depression look good. Much of this remains to be seen. I do agree with much you have said. I think from the ashes good will come- how quick will depend on the damage.....

  • Like 1
Link to post
Share on other sites
41 minutes ago, daves87rs said:

If this drags out too long, it might make the Great Depression look good.

I believe unemployment reached 25%. but I'll bet the real number was higher (pride).
Some of these steam tractors were 6 or 7 grand in 1930 :

Screen Shot 2020-04-05 at 1.41.22 PM.png

  • Upvote 1
Link to post
Share on other sites
1 hour ago, balthazar said:

I believe unemployment reached 25%. but I'll bet the real number was higher (pride).
Some of these steam tractors were 6 or 7 grand in 1930 :

Screen Shot 2020-04-05 at 1.41.22 PM.png

I agree....

Link to post
Share on other sites
5 hours ago, balthazar said:

China's car sales in Feb were down 79% vs a year ago.

Wow.  Down 79% in one month?  I suspect that will probably happen here soon, if it hasn't already.

Link to post
Share on other sites

This blurb is from insideevs.com RE sales reporting. GM got criticized for going to quarterly yet once again, look at how many other OEMs then began 'getting shifty' with reporting

IMG_1497.PNG

Link to post
Share on other sites
14 hours ago, balthazar said:

Buick outsold Tesla in China 21:1 in 2019.

Tesla does not matter in China.  I am not sure if China matters to Elon Musk.

Link to post
Share on other sites
1 hour ago, balthazar said:

^ He's supposed to build a FACTORY there. I think it matters.

Thanks,  apparently China does matter to Elon Musk.  The question is whether Tesla SALES will actually rise anytime soon.

Link to post
Share on other sites

With the price of gas cheap and the price of Teslas high, it may take a few years to get back on track of 2019 levels.
Much like the Model X hasn't assumed it's sales leadership over the Model S, I wonder if the Model Y will also falter hard against the Model 3 and NOT provide the volume boost Musk is hoping for.

Link to post
Share on other sites
6 hours ago, riviera74 said:

Tesla does not matter in China.  I am not sure if China matters to Elon Musk.

China Matters to Tesla, major investor and they have already expanded to cover auto production with expansion to now also cover power train and now we have the latest news that Tesla is expanding again to cover in house parts production to reduce turn around time.

https://www.reuters.com/article/us-tesla-china-idUSKBN20X0HN

  • Thanks 1
Link to post
Share on other sites

Absolutely horrible idea. Not surprised coming from Ford who needs gov't bailout money, but want to cover up the facts again. 

We lost 10's of thousands of classic cars in this country last time (some still in decent shape) from greedy, clueless people dumping them off for a new model and they had to be destroyed as part of the failed C4C gov't program. It was a total disaster last time and it would be just as bad if not worse this time.

Link to post
Share on other sites
11 hours ago, USA-1 said:

Absolutely horrible idea. Not surprised coming from Ford who needs gov't bailout money, but want to cover up the facts again. 

We lost 10's of thousands of classic cars in this country last time (some still in decent shape) from greedy, clueless people dumping them off for a new model and they had to be destroyed as part of the failed C4C gov't program.  

Most were just high mileage 90s-00s FWD generics and trucks and SUVs, though..I remember in Phoenix at the time a lot of dealers were taking in worn out Explorers, Expeditions, minivans, etc..

Edited by Robert Hall
Link to post
Share on other sites
2 hours ago, Robert Hall said:

Most were just high mileage 90s-00s FWD generics and trucks and SUVs, though..I remember in Phoenix at the time a lot of dealers were taking in worn out Explorers, Expeditions, minivans, etc..

For sure, but many classics went that Grandparents gave to or were inherited by grand kids who had no clue what the cars were. I have buddies who deal with cars who were shocked.

Link to post
Share on other sites
2 hours ago, USA-1 said:

For sure, but many classics went that Grandparents gave to or were inherited by grand kids who had no clue what the cars were. I have buddies who deal with cars who were shocked.

Mistakes are always made, especially when the recipient does not know a thing about the car in question.  C4C was probably not a good idea, especially given that the financial system was the source and cause of the last recession.  Shuttering bad banks would have corrected more issues with less harm to the larger economy.

  • Upvote 1
Link to post
Share on other sites

Join the conversation

You are posting as a guest. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.




  • Social Stream

  • Similar Content

    • By William Maley
      It has been some time since we last reported on PSA Group's plan to re-enter the U.S. When we last checked in, Peugeot was chosen as the brand to be entering the U.S. by 2023 and rumors were swirling about a possible merger between PSA Group and FCA. A lot has changed since then as the two automakers begin to finalize plans for a merger, and the COVID-19 pandemic has no end in sight in the U.S. What does that mean for Peugeot's return to the U.S.?
      "My role is to grow the PSA business in North America, growing our mobility capability and preparing for the launch of Peugeot." said Larry Dominique, CEO of PSA North America to Automotive News.
      "From our standpoint, we're planning as if [the merger] doesn't exist. We're marching forward as if PSA was going to be there by themselves."
      Dominique is right now focused on the present with the top priority being building out a dealer network for both U.S. and Canada before the launch. He explained that the company is planning a two-prong approach, having franchised dealers and online retailing.
      "The future success for OEMs is the reduction of distribution costs while ensuring both retail and OEM margin sustainability. This has to be done through strong pricing power, not volume turnover," he said.
      Part of this is due to COVID-19 pandemic which has many automakers rethinking how they sell vehicles, something Dominique admits is a big challenge.
      "All my competitors are going to be focusing on digital, which means we have to step up our game and deliver an even stronger customer experience when we launch Peugeot in North America. We need to get out of an environment where the retailers are dependent upon just F&I and service to pay their bills."
      Another challenge facing Dominique, what models to sell in the U.S. The market has changed a lot since PSA Group announced its intentions to re-enter the U.S. Consumers now are focused on trucks and crossovers.
      "I don't have a full-sized truck,. But the C and D segments are what's relevant to us. The C and D segments are high volume and important to North America. That's where we're going to focus initially,"
      To us, this hints at the 3008 and 5008 crossovers being some of the first models to be available.
      Source: Automotive News (Subscription Required)

      View full article
    • By William Maley
      It has been some time since we last reported on PSA Group's plan to re-enter the U.S. When we last checked in, Peugeot was chosen as the brand to be entering the U.S. by 2023 and rumors were swirling about a possible merger between PSA Group and FCA. A lot has changed since then as the two automakers begin to finalize plans for a merger, and the COVID-19 pandemic has no end in sight in the U.S. What does that mean for Peugeot's return to the U.S.?
      "My role is to grow the PSA business in North America, growing our mobility capability and preparing for the launch of Peugeot." said Larry Dominique, CEO of PSA North America to Automotive News.
      "From our standpoint, we're planning as if [the merger] doesn't exist. We're marching forward as if PSA was going to be there by themselves."
      Dominique is right now focused on the present with the top priority being building out a dealer network for both U.S. and Canada before the launch. He explained that the company is planning a two-prong approach, having franchised dealers and online retailing.
      "The future success for OEMs is the reduction of distribution costs while ensuring both retail and OEM margin sustainability. This has to be done through strong pricing power, not volume turnover," he said.
      Part of this is due to COVID-19 pandemic which has many automakers rethinking how they sell vehicles, something Dominique admits is a big challenge.
      "All my competitors are going to be focusing on digital, which means we have to step up our game and deliver an even stronger customer experience when we launch Peugeot in North America. We need to get out of an environment where the retailers are dependent upon just F&I and service to pay their bills."
      Another challenge facing Dominique, what models to sell in the U.S. The market has changed a lot since PSA Group announced its intentions to re-enter the U.S. Consumers now are focused on trucks and crossovers.
      "I don't have a full-sized truck,. But the C and D segments are what's relevant to us. The C and D segments are high volume and important to North America. That's where we're going to focus initially,"
      To us, this hints at the 3008 and 5008 crossovers being some of the first models to be available.
      Source: Automotive News (Subscription Required)
    • By William Maley
      Jim Hackett's tenure as Ford CEO will be coming to a close on October 1st as he will retire from the position. His replacement is Jim Farley, currently Ford's Chief Operating Officer, a role he took on at the beginning of this year. In a press release, Ford said the two will be working together over the next two months on the transition. Hackett will stay on as "special advisor" for some time after.
      “I am very grateful to Jim Hackett for all he has done to modernize Ford and prepare us to compete and win in the future. Our new product vision – led by the Mustang Mach-E, new F-150 and Bronco family – is taking shape. We now have compelling plans for electric and autonomous vehicles, as well as full vehicle connectivity. And we are becoming much more nimble, which was apparent when we quickly mobilized to make life-saving equipment at the outset of the pandemic,” said Ford executive chairman, Bill Ford.
      Hackett became Ford's CEO in 2017 after the ousting of then CEO Mark Fields. His short tenure brought forth some major and controversial decisions such as Ford killing off most of their passenger car nameplates to focus on trucks and utility vehicles; spending $11 billion in electric vehicles by 2022, and the introductions of the Mach-E, 2021 F-150, and Bronco. He has also dealt with a lot frustration from various groups as The Detroit News outlines,
      Hackett admitted that his tenure did cause a fair amount of friction, but said his efforts are starting to show.
      "I aimed for moving ahead versus just moving fast. Could we aim for a longer-arc kind of reward. In this case, for the three years it takes to get products to market, you're starting to see the fruits of our labor."
      Farley, who has been with Ford since 2007, knows he has a tough road ahead. Aside from realizing the various paths laid out by Hackett, he also has to deal with the issues of the COVID-19 pandemic and hopefully launch two of Ford's key product without any issues.
      Source: Ford
      Press Release is on Page 2


      FORD ANNOUNCES JIM HACKETT TO RETIRE AS PRESIDENT AND CEO; JIM FARLEY TO SUCCEED HACKETT AS COMPANY CONTINUES TRANSFORMATION
      Jim Hackett, who has led Ford Motor Company’s transformation since 2017 as president and CEO, has elected to retire from the company Jim Farley, currently chief operating officer, becomes president and CEO of Ford effective Oct. 1. He was also elected to the Ford board of directors. He will work closely with Jim Hackett on the transition over the next two months Seamless CEO transition underscores strength of Ford’s leadership team, succession planning, and company progress over the past three years, Executive Chairman Bill Ford says DEARBORN, Mich., Aug. 4, 2020 – Ford Motor Company today announced that Jim Hackett, who has led the company’s transformation since 2017, plans to retire from the company. Jim Farley has been named the company’s new president and CEO and will join the board of directors, effective Oct. 1.
      Hackett, 65, and Farley, 58, will work together on a smooth leadership transition over the next two months.
      Under Hackett, Ford moved aggressively into the new era of smart vehicles and drove a deeper focus on customers’ wants and needs. At the same time, Ford improved the fitness of the base business – restructuring operations, invigorating the product portfolio and reducing bureaucracy.
      “I am very grateful to Jim Hackett for all he has done to modernize Ford and prepare us to compete and win in the future,” said Bill Ford, Ford’s executive chairman. “Our new product vision – led by the Mustang Mach-E, new F-150 and Bronco family – is taking shape. We now have compelling plans for electric and autonomous vehicles, as well as full vehicle connectivity. And we are becoming much more nimble, which was apparent when we quickly mobilized to make life-saving equipment at the outset of the pandemic.”
      Farley, an automotive leader with deep global experience and a successful track record, collaborated with Hackett over the past three years to develop and execute Ford’s Creating Tomorrow Together plan to transform Ford into a higher-growth, higher-margin business.
      “Jim Farley matches an innate feel for cars and customers with great instincts for the future and the new technologies that are changing our industry,” Bill Ford said. “Jim’s passion for great vehicles and his intense drive for results are well known, and I have also seen him develop into a transformational leader with the determination and foresight to help Ford thrive into the future.”
      Farley joined Ford in 2007 as global head of Marketing and Sales and went on to lead Lincoln, Ford South America, Ford of Europe and all Ford global markets in successive roles. In April 2019, Farley was chosen to lead Ford’s New Businesses, Technology & Strategy team, helping the company determine how to capitalize on powerful forces reshaping the industry – such as software platforms, connectivity, AI, automation and new forms of propulsion. He was named chief operating officer in February of this year.
      Hackett, who will continue as a special advisor to Ford through March of 2021, said the time is right to pass the mantle of leadership to Jim Farley.
      “My goal when I took on the CEO role was to prepare Ford to win in the future,” Hackett said. “The hardest thing for a proud, long-lived company to do is change to meet the challenges of the world it’s entering rather than the world it has known. I’m very proud of how far we have come in creating a modern Ford and I am very optimistic about the future.
      “I have worked side-by-side with Jim Farley for the past three years and have the greatest confidence in him as a person and a leader,” Hackett said. “He has been instrumental in crafting our new product portfolio and redesigning our businesses around the world. He is also a change agent with a deep understanding of how to lead Ford in this new era defined by smart vehicles in a smart world.”
      Said Farley: “I love Ford and I am honored by the opportunity to serve and create value for Ford’s employees, customers, dealers, communities and all of our stakeholders. Jim Hackett has laid the foundation for a really vibrant future and we have made tremendous progress in the past three years. I am so excited to work together with the whole Ford team to realize the full potential of this great company in a new era.”

      View full article
    • By William Maley
      Jim Hackett's tenure as Ford CEO will be coming to a close on October 1st as he will retire from the position. His replacement is Jim Farley, currently Ford's Chief Operating Officer, a role he took on at the beginning of this year. In a press release, Ford said the two will be working together over the next two months on the transition. Hackett will stay on as "special advisor" for some time after.
      “I am very grateful to Jim Hackett for all he has done to modernize Ford and prepare us to compete and win in the future. Our new product vision – led by the Mustang Mach-E, new F-150 and Bronco family – is taking shape. We now have compelling plans for electric and autonomous vehicles, as well as full vehicle connectivity. And we are becoming much more nimble, which was apparent when we quickly mobilized to make life-saving equipment at the outset of the pandemic,” said Ford executive chairman, Bill Ford.
      Hackett became Ford's CEO in 2017 after the ousting of then CEO Mark Fields. His short tenure brought forth some major and controversial decisions such as Ford killing off most of their passenger car nameplates to focus on trucks and utility vehicles; spending $11 billion in electric vehicles by 2022, and the introductions of the Mach-E, 2021 F-150, and Bronco. He has also dealt with a lot frustration from various groups as The Detroit News outlines,
      Hackett admitted that his tenure did cause a fair amount of friction, but said his efforts are starting to show.
      "I aimed for moving ahead versus just moving fast. Could we aim for a longer-arc kind of reward. In this case, for the three years it takes to get products to market, you're starting to see the fruits of our labor."
      Farley, who has been with Ford since 2007, knows he has a tough road ahead. Aside from realizing the various paths laid out by Hackett, he also has to deal with the issues of the COVID-19 pandemic and hopefully launch two of Ford's key product without any issues.
      Source: Ford
      Press Release is on Page 2


      FORD ANNOUNCES JIM HACKETT TO RETIRE AS PRESIDENT AND CEO; JIM FARLEY TO SUCCEED HACKETT AS COMPANY CONTINUES TRANSFORMATION
      Jim Hackett, who has led Ford Motor Company’s transformation since 2017 as president and CEO, has elected to retire from the company Jim Farley, currently chief operating officer, becomes president and CEO of Ford effective Oct. 1. He was also elected to the Ford board of directors. He will work closely with Jim Hackett on the transition over the next two months Seamless CEO transition underscores strength of Ford’s leadership team, succession planning, and company progress over the past three years, Executive Chairman Bill Ford says DEARBORN, Mich., Aug. 4, 2020 – Ford Motor Company today announced that Jim Hackett, who has led the company’s transformation since 2017, plans to retire from the company. Jim Farley has been named the company’s new president and CEO and will join the board of directors, effective Oct. 1.
      Hackett, 65, and Farley, 58, will work together on a smooth leadership transition over the next two months.
      Under Hackett, Ford moved aggressively into the new era of smart vehicles and drove a deeper focus on customers’ wants and needs. At the same time, Ford improved the fitness of the base business – restructuring operations, invigorating the product portfolio and reducing bureaucracy.
      “I am very grateful to Jim Hackett for all he has done to modernize Ford and prepare us to compete and win in the future,” said Bill Ford, Ford’s executive chairman. “Our new product vision – led by the Mustang Mach-E, new F-150 and Bronco family – is taking shape. We now have compelling plans for electric and autonomous vehicles, as well as full vehicle connectivity. And we are becoming much more nimble, which was apparent when we quickly mobilized to make life-saving equipment at the outset of the pandemic.”
      Farley, an automotive leader with deep global experience and a successful track record, collaborated with Hackett over the past three years to develop and execute Ford’s Creating Tomorrow Together plan to transform Ford into a higher-growth, higher-margin business.
      “Jim Farley matches an innate feel for cars and customers with great instincts for the future and the new technologies that are changing our industry,” Bill Ford said. “Jim’s passion for great vehicles and his intense drive for results are well known, and I have also seen him develop into a transformational leader with the determination and foresight to help Ford thrive into the future.”
      Farley joined Ford in 2007 as global head of Marketing and Sales and went on to lead Lincoln, Ford South America, Ford of Europe and all Ford global markets in successive roles. In April 2019, Farley was chosen to lead Ford’s New Businesses, Technology & Strategy team, helping the company determine how to capitalize on powerful forces reshaping the industry – such as software platforms, connectivity, AI, automation and new forms of propulsion. He was named chief operating officer in February of this year.
      Hackett, who will continue as a special advisor to Ford through March of 2021, said the time is right to pass the mantle of leadership to Jim Farley.
      “My goal when I took on the CEO role was to prepare Ford to win in the future,” Hackett said. “The hardest thing for a proud, long-lived company to do is change to meet the challenges of the world it’s entering rather than the world it has known. I’m very proud of how far we have come in creating a modern Ford and I am very optimistic about the future.
      “I have worked side-by-side with Jim Farley for the past three years and have the greatest confidence in him as a person and a leader,” Hackett said. “He has been instrumental in crafting our new product portfolio and redesigning our businesses around the world. He is also a change agent with a deep understanding of how to lead Ford in this new era defined by smart vehicles in a smart world.”
      Said Farley: “I love Ford and I am honored by the opportunity to serve and create value for Ford’s employees, customers, dealers, communities and all of our stakeholders. Jim Hackett has laid the foundation for a really vibrant future and we have made tremendous progress in the past three years. I am so excited to work together with the whole Ford team to realize the full potential of this great company in a new era.”
  • Recent Status Updates

    • Drew Dowdell

      If you get this, you are a critical thinker.
      I enter the bedroom.
      There are 34 people. You kill 30. How many people are in the bedroom?
      If you get it correct your answer will be deleted and I’ll message you to continue the game. Don’t bother playing if you’re not going to continue, party poopers!
      I won against Keele Christopher
      · 0 replies
    • Drew Dowdell

      One of my favorite stops on that trip.
      · 0 replies
    • trinacriabob  »  NINETY EIGHT REGENCY

      Happy birthday, Landis!  Hope it was a good one.  Again, it would have been my dad's birthday ... and Napoleon Bonaparte's.  (Both of them were height challenged.)
      I'd be going to Mario's on that beachfront boulevard in Galveston to pig out at their Italian buffet. 
      · 2 replies
    • Drew Dowdell

      So I did a thing. I have wanted one of these for years. I managed to find a 2013 Avalanche with just 12,800 miles on the odometer. It’s very well loaded and practically perfect in every way. Very very happy with it!
      · 0 replies
    • Drew Dowdell

      Happy birthday to my love Albert
      · 1 reply
  • Reader Rides

About us

CheersandGears.com - Founded 2001

We ♥ Cars

Get in touch

Follow us

Recent tweets

facebook

×
×
  • Create New...