Posts Tagged ‘Ford

12
Aug
10

Recovery still distant as GM turns a corner

NEWS
Recovery still distant as GM turns a corner
General Motors profits move past $1 billion

Thursday, August 12, 2010

••• General Motors said on Thursday its profits hit $1.3 billion in the second quarter, as the car company prepared to break free of U.S. government ownership by relisting on the stock exchange.

‘I am pleased with our progress on achieving our business objectives,’ said chief financial officer Chris Liddell, announcing the second consecutive quarter of growth.

The company erased a loss of $13 billion in the same period last year, as sales and revenues increased.

The firm saw stronger sales in North America in the quarter, even as sales in Europe floundered and market share around the world sank.

GM captured 15.4 percent of the U.S. market for cars versus 17.5 percent in the second quarter of last year, but elsewhere faired poorly.

GM’s executives have said that a public offering will come soon, a process that will help the U.S. government unwind its majority stake in the firm.

The U.S. Treasury Department still owns 61 percent of GM, which received $50 billion of U.S. government financing for its bankruptcy restructuring that led to mass layoffs, plant closures and billions of dollars in debt wiped out.

GM’s drive for an IPO will be boosted by news that the firm’s revenues swelled to $33 billion in the second quarter, a third more than the same period last year.

GM as well as its U.S. competitors Ford and Chrysler were hard hit by the recession which struck the United States in December 2007, caused by a home mortgage meltdown.

Of the so-called Detroit Three car makers, Ford was the only one to avoid bankruptcy, managing to stay afloat thanks to massive loans it had obtained prior to the credit crunch and because it moved more quickly to revitalise its product portfolio.
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27
Apr
10

Ford Recalling 33,000 Vehicles Over Front Seat Defects

NEWS
Ford Recalling 33,000 Vehicles Over Front Seat Defects

Tuesday, April 27, 2010

••• Ford is recalling 33,256 cars to make their front seats comply with federal safety standards, according to a notice on the U.S. transportation department’s Office of Defects Investigation website.

Models affected include the 2010 Fusion (above), Explorer, Explorer SportTrac and Mercury Mountaineer and Milan vehicles made between Dec. 15, 2009, and Feb. 3, 2010, and equipped with manual front-seat recliners.

According to the safety agency, “The recliner gear plate teeth may be out of dimension specification, which could result in limited pawl to gear plate tooth engagement.”

“In the event of a crash,” the department said, “the seatback and head restraint may move rearward, increasing the risk of injury.”

A Ford spokesman told the Associated Press that no accidents or injuries have been reported due to the issue.

Dealers are expected to begin remedying the issue for free on or before April 30. If you own one of these cars and want additional information, Ford has a help line set up at 866-436-7332.

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