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Tisham Candella
Ford Motor Company (commonly known as Ford) is an American multinational automobile manufacturer headquartered in Dearborn, Michigan, United States. It was founded by Henry Ford and incorporated on June 16, 1903. The company sells automobiles and commercial vehicles under the Ford brand, and luxury cars under its Lincoln brand. The company is listed on the New York Stock Exchange and is controlled by the Ford family; they have minority ownership but the majority of the voting power.[5][7]
Ford introduced methods for large-scale manufacturing of cars and large-scale management of an industrial workforce using elaborately engineered manufacturing sequences typified by moving assembly lines; by 1914, these methods were known around the world as Fordism. Ford's former UK subsidiaries Jaguar and Land Rover, acquired in 1989 and 2000, respectively, were sold to the Indian automaker Tata Motors in March 2008. Ford owned the Swedish automaker Volvo from 1999 to 2010.[8] In the third quarter of 2010, Ford discontinued the Mercury brand, under which it had marketed upscale cars in the United States, Canada, Mexico, and the Middle East since 1938.[9]
The Henry Ford Company was Henry Ford's first attempt at a car manufacturing company and was established on November 3, 1901. This became the Cadillac Motor Company on August 22, 1902, after Ford left with the rights to his name.[19] The Ford Motor Company was launched in a converted factory in 1903 with $28,000 (equivalent to $950,000 in 2023) in cash from twelve investors, most notably John and Horace Dodge (who would later found their own car company). The first president was not Ford, but local banker John S. Gray, who was chosen in order to assuage investors' fears that Ford would leave the new company the way he had left its predecessor. During its early years, the company produced just a few cars a day at its factory on Mack Avenue and later at its factory on Piquette Avenue in Detroit, Michigan. Groups of two or three men worked on each car, assembling it from parts made mostly by supplier companies contracting for Ford. Within a decade the company led the world in the expansion and refinement of the assembly line concept, and Ford soon brought much of the part production in-house (vertical integration).
Henry Ford was 39 years old when he founded the Ford Motor Company, which would go on to become one of the world's largest and most profitable companies. It has been in continuous family control for over 100 years and is one of the largest family-controlled companies in the world.[citation needed]
The first gasoline-powered automobile had been created in 1885 by the German inventor Karl Benz (Benz Patent-Motorwagen). More efficient production methods were needed to make automobiles affordable for middle class people. To which Ford contributed by, for instance, introducing the first moving assembly line in 1913 at the Ford factory in Highland Park.[citation needed]
Between 1903 and 1908, Ford produced the Models A, B, C, F, K, N, R, and S. Hundreds or a few thousand of most of these were sold per year. In 1908, Ford introduced the mass-produced Model T, which totaled millions sold over nearly 20 years. In 1927, Ford replaced the T with the Model A, the first car with safety glass in the windshield.[20] Ford launched the first low-priced car with a V8 engine in 1932.[citation needed]
In an attempt to compete with General Motors' mid-priced Pontiac, Oldsmobile, and Buick, Ford created the Mercury in 1939 as a higher-priced companion car to Ford. Henry Ford purchased the Lincoln Motor Company in 1922, in order to compete with such brands as Cadillac and Packard for the luxury segment of the automobile market.[citation needed]
In 1929, Ford was contracted by the government of the Soviet Union to set up the Gorky Automobile Plant in Russia initially producing Ford Model A and AAs, thereby playing an important role in the industrialization of that country and consequently the Soviet war effort during World War II.[21] To that end, in 1944, Stalin wrote a letter to the U.S. Chamber of Commerce stating that Henry Ford was "one of the world's greatest industrialists".[22]
During World War II, the United States Department of War picked Ford to mass-produce the Consolidated B-24 Liberator bomber at its Willow Run assembly plant.[23] Ford Werke and Ford SAF (Ford's subsidiaries in Germany and France, respectively) produced military vehicles and other equipment for Nazi Germany's war effort. Some of Ford's operations in Germany at the time were run using forced labor.
The creation of a scientific laboratory in Dearborn, Michigan, in 1951, doing unfettered basic research, led to Ford's involvement in superconductivity research. In 1964, Ford Research Labs made a key breakthrough with the invention of a superconducting quantum interference device or SQUID.[24]
Ford offered the Lifeguard safety package from 1956, which included such innovations as a standard deep-dish steering wheel, optional front, and, for the first time in a car, rear seatbelts, and an optional padded dash.[25] Ford introduced child-proof door locks into its products in 1957, and, in the same year, offered the first retractable hardtop on a mass-produced six-seater car.[26]
In late 1955, Ford established the Continental division as a separate luxury car division. This division was responsible for the manufacture and sale of the famous Continental Mark II. At the same time, the Edsel division was created to design and market that car starting with the 1958 model year. Due to limited sales of the Continental and the Edsel disaster, Ford merged Mercury, Edsel, and Lincoln into "M-E-L," which reverted to "Lincoln-Mercury" after Edsel's November 1959 demise.[26]
The Ford Mustang was introduced on April 17, 1964, during the 1964 New York World's Fair (where Ford had a pavilion made by The Walt Disney Company).[27][28] In 1965, Ford introduced the seat belt reminder light.[citation needed]
With the 1980s, Ford introduced several highly successful vehicles around the world. During the 1980s, Ford began using the advertising slogan, "Have you driven a Ford, lately?" to introduce new customers to their brand and make their vehicles appear more modern. In 1990 and 1994, respectively, Ford also acquired Jaguar Cars and Aston Martin.[29] During the mid-to-late 1990s, Ford continued to sell large numbers of vehicles, in a booming American economy with a soaring stock market and low fuel prices.[citation needed]
With the dawn of the new century, legacy health care costs, higher fuel prices, and a faltering economy led to falling market shares, declining sales, and diminished profit margins. Most of the corporate profits came from financing consumer automobile loans through Ford Motor Credit Company.[30]
By 2005, both Ford and GM's corporate bonds had been downgraded to junk status[31] as a result of high U.S. health care costs for an aging workforce, soaring gasoline prices, eroding market share, and an overdependence on declining SUV sales. Profit margins decreased on large vehicles due to increased "incentives" (in the form of rebates or low-interest financing) to offset declining demand.[32] In the latter half of 2005, Chairman Bill Ford asked newly appointed Ford Americas Division President Mark Fields to develop a plan to return the company to profitability. Fields previewed the plan, named The Way Forward, at the board meeting of the company on December 7, 2005, and it was unveiled to the public on January 23, 2006. "The Way Forward" included resizing the company to match market realities, dropping some unprofitable and inefficient models, consolidating production lines, closing 14 factories and cutting 30,000 jobs.[33]
Ford moved to introduce a range of new vehicles, including "Crossover SUVs" built on unibody car platforms, rather than more body-on-frame chassis. In developing the hybrid electric powertrain technologies for the Ford Escape Hybrid SUV, the company licensed similar Toyota hybrid technologies[34] in order to avoid patent infringements.[35] Ford announced that it would team up with electricity supply company Southern California Edison (SCE) to examine the future of plug-in hybrids in terms of how home and vehicle energy systems will work with the electrical grid. Under the multimillion-dollar, multi-year project, Ford is to convert a demonstration fleet of Ford Escape Hybrids into plug-in hybrids, and SCE is to evaluate how the vehicles might interact with the home and the utility's electrical grid. Some of the vehicles are to be evaluated "in typical customer settings", according to Ford.[36][37]
William Clay Ford Jr., great-grandson of Henry Ford (and better known by his nickname "Bill"), was appointed executive chairman in 1998, and also became chief executive officer of the company in 2001, with the departure of Jacques Nasser, becoming the first member of the Ford family to head the company since the retirement of his uncle, Henry Ford II, in 1982. Ford sold motorsport engineering company Cosworth to Gerald Forsythe and Kevin Kalkhoven in 2004, the start of a decrease in Ford's motorsport involvement. Upon the retirement of president and chief operations officer Jim Padilla in April 2006, Bill Ford assumed his roles as well. Five months later, in September, Ford named Alan Mulally as president and CEO, with Ford continuing as executive chairman.
In December 2006, the company raised its borrowing capacity to about $25 billion, placing substantially all corporate assets as collateral.[38] Chairman Bill Ford has stated that "bankruptcy is not an option".[39] Ford and the United Auto Workers, representing approximately 46,000 hourly workers in North America, agreed to a historic contract settlement in November 2007 giving the company a substantial break in terms of its ongoing retiree health care costs and other economic issues. The agreement included the establishment of a company-funded, independently run Voluntary Employee Beneficiary Association (VEBA) trust to shift the burden of retiree health care from the company's books, thereby improving its balance sheet. This arrangement took effect on January 1, 2010. As a sign of its currently strong cash position, Ford contributed its entire current liability (estimated at US$5.5 billion as of December 31, 2009) to the VEBA in cash, and also pre-paid US$500 million of its future liabilities to the fund. The agreement also gave hourly workers the job security they were seeking by having the company commit to substantial investments in most of its factories.
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