Yikes. Losses - two billion in Q1, five billion estimate for Q2. Q3 will be just as bad.
Q1 is interesting as the shutdown only affected a few weeks in March. What the heck is going on there??? Economy was rolling and you still racked up two billion loss with only a few weeks of production stopped???
This is really ugly - feel sorry for you guys (don't wait on PRPs anymore!). I can only imagine the carnage that is coming.
1plb+14IQLgdA has got it right Business Malpractice indeed.
I have yet to meet a talented, motivated and dedicated employee who isn’t motivated by
#1 working on interesting, challenging and meaningful work
#2 being surrounded with like minded collaborative teammates
#3 being able to quickly see results and implement ideas
#4 being appreciated and valued for contributions
#5 having a great boss — not a bosshole
Office Building decor and location are far down on the list of attracting and keeping talent.
Since Ford leaders are unable or unwilling to address the top five motivators, they focus on the color of the carpet and the drapes.
Instead of papering the hallways with Ford culture posters, how about you ensure the real Ford culture aligns with the stated Ford culture? Start by culling all the LL who only pay lip service to the desired Ford culture?
How is that train station coming along? It seemed so fashionable when they bought it. It was cool and hip. Young people will be drawn to Ford because of a building.
Business malpractice at its finest.
That money needs to go into product.
Public and administration will not support a Ford “bail out” later this year and a return of cash for clunkers will only provide minimal impact as we have strategically left the car market.
Start getting used to VW/Porsche/Audi/Ford. Someone will leverage the low stock price, junk bond status, and cash burn and debt to their advantage.
Self inflicted.
@glv; couldn’t agree with you more. As long as the “punt” doesn’t go as well as the one Michigan tried to pull against State in the big house a few years ago.
@aum+14IQLgdA agree to a certain extent, however Hackett is paid to run the company. Regardless of what Bill Ford says, it is his responsibility to point out wrongs in the family strategy. Take Alan Mullaly, he shook the foundation of the company and I doubt Bill agreed with everything. But Hackett is not the guy to do that. He is a jock that was programmed by football coaches to do what they say. Just like coaches call plays, and the players have to run them as practiced, his approach with Bill Ford is no different.
When are people going to STOP blaming Hackett and START blaming the Ford family? Do you honestly think that any Ford CEO does anything without the unwritten approval of the Ford Family? Bill Ford has destroyed this company, focusing on Hackett is like blaming the guy that runs the concession stand for your favorite teams loss.
Had to look up "palaver"...
I think you have to remember. China was closed down for the Majority of 1st quarter, Europe was closed down before the US as well. People see what is going on and act accordingly even in the US. before the stay at home orders and forced shutdowns, companies and people were actually shutting down or buying less stuff in general.
This from prior poster rings true
"Ford doesn't build cars, it builds careers."
It sums up my years of observation. I wish I would of heard it 20 years ago. It would of saved me a lot of time banging my head against a wall / scratching my head. All those times my manager insisted on a complicated multi-million dollar solution when there was a simple inexpensive and effective solution in hindsight now I understand why.
Q1 is of no surprise. Explorer Launch, DPS6, recalls, and other 100% failure rates are costing the company some serious dough. I remember when I started at Ford, some one told me a quote from a Mazda executive. "Ford doesn't build cars, it builds careers." Didn't think too much about it, but after experiencing the culture of one-upmanship and empire preservation/ building this observation rings true. Funny how Hacket/Bill want a mobility company as opposed to a car company. Not sure we were even a true car company even before all of this palaver.
The ship was already sinking prior to Corona. Roll in a few pending age and racial discrimination lawsuits and this could get very interesting. Not sure how well we will sustain through the rest of the year. Hackett is a former football player, it's time to punt him as far away from Ford as we can. Unfortunately, much of the damage has already been done. Hoping for the best but I'm not going to hold my breath. Although this is wishful thinking but we need someone like Mullaly to have a fighting chance in order to turn things around.