Post by TonyV on Dec 15, 2009 2:59:23 GMT -5
Bill Ford praises Obama for auto bailout
David Shepardson / Detroit News Washington Bureau
Washington -- Ford Motor Co. Executive Chairman Bill Ford Jr. said Monday President Barack Obama was right to rescue domestic competitors General Motors and Chrysler.
Ford told reporters in Washington that he met briefly with Obama in the Oval Office, and said he praised the $62 billion bailout of GM and Chrysler.
"I complimented him on the way he's handled the industry," Ford said, noting that his company supported the GM and Chrysler rescues because they provided stability to suppliers that all three companies use.
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"Preventing the collapse of the supply base was something that they did swiftly and forcefully, and it worked."
The meeting with Obama lasted for about 10 or 15 minutes, a Ford spokesman said.
Ford was in the capital to meet with Commerce Secretary Gary Locke to discuss results of the National Summit convened by the Detroit Economic Club in Detroit in June.
The "to-do" list that came from the summit included developing comprehensive manufacturing and energy strategies, supporting research and development, upgrading infrastructure and improving science, math and engineering education.
"We're all looking to get to the same place: an American economy firing on all cylinders again and creating good jobs at good wages," Locke said.
"I don't care if an idea comes from the right or the left, from business or union leaders. If it can work and if it can grow sustainable jobs, this administration wants to know about it."
Obama and Ford also discussed the state of the auto industry. But Ford said it was a casual meeting.
The Dearborn-based automaker, which reported a $1 billion profit in the third quarter, was in better financial shape than its competitors in part because it mortgaged nearly all of its assets, including its trademark Blue Oval, to raise funds in the event of a severe downturn.
It didn't seek a bailout, but briefly sought an "emergency standby line of credit" from the Bush administration.
Ford has received other support, including a $5.9 billion loan to retool its factories to build more efficient vehicles. GM and Chrysler have also sought the loans, but haven't received them.
Bill Ford said the company is "thrilled with how we're doing. We're gaining market share across the globe," he said. "We're making money now, which is nice after a period of not doing so."
The company expects a modest uptick next year, Ford said, but declined to pinpoint the market share at which his company is aiming. The automaker won't chase market share at the cost of profitability, he said, because "we've all seen where that has led."
Ford, he said, has worked "to really balance inventory with share, with pricing and there's no right answer -- it's an art rather than a science."
Ford expects 12.5 million vehicles to be sold in the U.S. next year, and predicts a 58 percent North American production increase, up 201,000 vehicles over the same period in 2009.
"We're planning conservatively," he said. "We're not planning for a huge pickup next year. If we get one, we'll ride it."
Ford praised the United Auto Workers' Bob King, who is expected to succeed Ron Gettelfinger as the union's president.
King, who is vice president in charge of the UAW's national Ford section, "cares about Ford and he cares about the industry," Ford said. "He's a very good leader."
UAW workers defied union leaders this year and refused to give Ford the same concessions that GM and Chrysler received during bankruptcy.
The concessions include a ban on striking and a freeze on entry-level wages. UAW workers at GM and Chrysler have agreed to a no-strike provision until 2015.
Ford declined to say if he thinks the UAW will reconsider.
dshepardson@detnews.com (202) 662-8735
David Shepardson / Detroit News Washington Bureau
Washington -- Ford Motor Co. Executive Chairman Bill Ford Jr. said Monday President Barack Obama was right to rescue domestic competitors General Motors and Chrysler.
Ford told reporters in Washington that he met briefly with Obama in the Oval Office, and said he praised the $62 billion bailout of GM and Chrysler.
"I complimented him on the way he's handled the industry," Ford said, noting that his company supported the GM and Chrysler rescues because they provided stability to suppliers that all three companies use.
Advertisement
"Preventing the collapse of the supply base was something that they did swiftly and forcefully, and it worked."
The meeting with Obama lasted for about 10 or 15 minutes, a Ford spokesman said.
Ford was in the capital to meet with Commerce Secretary Gary Locke to discuss results of the National Summit convened by the Detroit Economic Club in Detroit in June.
The "to-do" list that came from the summit included developing comprehensive manufacturing and energy strategies, supporting research and development, upgrading infrastructure and improving science, math and engineering education.
"We're all looking to get to the same place: an American economy firing on all cylinders again and creating good jobs at good wages," Locke said.
"I don't care if an idea comes from the right or the left, from business or union leaders. If it can work and if it can grow sustainable jobs, this administration wants to know about it."
Obama and Ford also discussed the state of the auto industry. But Ford said it was a casual meeting.
The Dearborn-based automaker, which reported a $1 billion profit in the third quarter, was in better financial shape than its competitors in part because it mortgaged nearly all of its assets, including its trademark Blue Oval, to raise funds in the event of a severe downturn.
It didn't seek a bailout, but briefly sought an "emergency standby line of credit" from the Bush administration.
Ford has received other support, including a $5.9 billion loan to retool its factories to build more efficient vehicles. GM and Chrysler have also sought the loans, but haven't received them.
Bill Ford said the company is "thrilled with how we're doing. We're gaining market share across the globe," he said. "We're making money now, which is nice after a period of not doing so."
The company expects a modest uptick next year, Ford said, but declined to pinpoint the market share at which his company is aiming. The automaker won't chase market share at the cost of profitability, he said, because "we've all seen where that has led."
Ford, he said, has worked "to really balance inventory with share, with pricing and there's no right answer -- it's an art rather than a science."
Ford expects 12.5 million vehicles to be sold in the U.S. next year, and predicts a 58 percent North American production increase, up 201,000 vehicles over the same period in 2009.
"We're planning conservatively," he said. "We're not planning for a huge pickup next year. If we get one, we'll ride it."
Ford praised the United Auto Workers' Bob King, who is expected to succeed Ron Gettelfinger as the union's president.
King, who is vice president in charge of the UAW's national Ford section, "cares about Ford and he cares about the industry," Ford said. "He's a very good leader."
UAW workers defied union leaders this year and refused to give Ford the same concessions that GM and Chrysler received during bankruptcy.
The concessions include a ban on striking and a freeze on entry-level wages. UAW workers at GM and Chrysler have agreed to a no-strike provision until 2015.
Ford declined to say if he thinks the UAW will reconsider.
dshepardson@detnews.com (202) 662-8735