Ford Motor Co.

Company Overview

Ford Motor Co. (often called Ford) is an American multinational vehicle manufacturer based in Dearborn, Michigan. Henry Ford started the company, which was formed on June 16, 1903. The Ford brand sells autos and commercial vehicles, whereas the Lincoln premium brand sells luxury cars. Ford also owns Troller, a Brazilian SUV maker, an 8% investment in Aston Martin, and a 32% stake in China's Jiangling Motors. Furthermore, it has joint ventures in China (Changan Ford), Taiwan (Ford Lio Ho), Thailand (AutoAlliance Thailand), Turkey (Ford Otosan), and Russia (Ford Sollers). The Ford family controls the corporation listed on the New York Stock Exchange and has minority ownership but most of the voting power.

In March 2020, the United Auto Workers union had discussions with GM, Ford and Fiat Chrysler automobile executives after which the automakers partially shut down operations on a “rotating” basis to combat the COVID-19 pandemic. Ford officials announced on March 24th that production in the U.S., Canada and Mexico would not resume till March 30th as planned, due to the spread of the coronavirus epidemic. Ford’s sales decreased 15% in the first quarter of 2020, resulting in a $2 billion deficit.

Due to the shift in demand for sport vehicles, Ford announced a 9.8% drop in fourth-quarter sales on January 6, 2021, selling 542,749 vehicles compared to 601,862 in 2019.

In April 2021, Ford distributed COVID-19 vaccines to its employees, who received the shots at the firm. The vaccination program was limited to southeast Michigan, Missouri and Ohio, but it eventually was expanded to additional areas.

Ford said in March 2022 that it would restructure the firm into three segments. Ford Model E will concentrate on electric vehicles, while Ford Blue will concentrate on internal combustion vehicles. The existing commercial branch will be renamed Ford Pro and will concentrate on vehicle distribution and service.

Financial Highlights (FY 2023)