Ford Motor Co. prides itself on thinking big. The 117-year-old icon’s long-running strategy centers on preserving its status as a universal nameplate serving all the world’s major geographies and offering a wide array of vehicles from subcompacts to luxury SUVs, in a variety of flavors soon to widely encompass electric.
But it’s a company that’s sliding: After posting $7.4 billion in profit in 2015, Ford’s earnings barely broke even last year, and that was before COVID-19 and its subsequent lockdowns took a sledgehammer to its North American profitability. In the second quarter of this year the company lost nearly $1 billion in the region. Jim Hackett was ousted as CEO shortly after, and a new round of buyouts was announced.
New CEO James Farley, who was promoted from chief of operations, has a monumental challenge on his hands but also has everything he needs to make Ford a success, if … Read More