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Published on Sunday, May 11, 2008
Detroit Free Press
DETROIT: Even as General Motors lost more than $50 billion over the last three years, it staved off Toyota as the world's largest automaker and showed signs of a global resurgence.
Meantime, Ford brought in a new CEO with a deceptively simple four-point plan. Now he's assembled his team, they've cut costs tremendously and sparked investor confidence that has boosted Ford shares by more than 60 percent in 61/2 weeks.
The rivals bring different strengths and weaknesses to the table, but both have made profound structural changes to their businesses to cope with the stagnant economy, global competition and changes in consumer tastes.
At Ford, CEO Alan Mulally has resurrected confidence in the company's plan and the management team that must carry it out. The company has been celebrating quality gains with a new ''Drive One'' campaign.
But it still faces challenges. Cutting costs is not the way to a profitable future. Ford needs to stabilize market share in the United States and get a bigger slice of the growth overseas.
At GM, there's an established and growing presence outside of the United States generating strong profits and growth.
Leaner North American operations have helped cut$9 billion annually in fixed costs, and the new UAW contract promises to save an additional$5 billion annually by 2011.
Detroit Free Press
DETROIT: Even as General Motors lost more than $50 billion over the last three years, it staved off Toyota as the world's largest automaker and showed signs of a global resurgence.
Get the full article here.
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