Posts Tagged ‘China’
A New World’s Cheapest Car?
June 3rd, 2010 | 
Author: 
If rumors coming out of China come to fruition, Tata could soon have competition for the title ‘World’s Cheapest Car.’ The Chinese automaker Geely, who made the news a few weeks ago when it signed an agreement to purchase Volvo from Ford, has announced it plans to build a car with a $2,250 price tag. There seems to be a pattern developing here — Tata announced they were building the Nano, currently world’s cheapest car, shortly after buying Land Rover and Jaguar from Ford. Read the rest of this entry »
Posted in 
Tags: 
Ford Posts 2.1 Billion First Quarter Profit
Ford Start Concept Car
Ford Motor Company recently announced that the automaker posted a net income of US$2.1 billion for the first quarter of 2010. Of that figure, US$1.2 billion was from Automotive operations. This contrasts with the same quarter in 2009, in which Ford lost over US$2 billion.
Credit for the boost in earnings was given to the improving economy and Ford’s strong lineup of new models, including the just-launched Fiesta subcompact, the Fusion hybrid sedan, Mustang performance models, and the funky-cool Transit Connect small van. Ford has improved its U.S. market share to 16.6% overall and a 14.1% retail share.
At the end of March, Ford entered into a definitive agreement to sell Volvo and related assets to Zhejiang Geely Holding Group for $1.8 billion, subject to customary purchase price adjustments. The sale is expected to close in the third quarter of 2010. As a result of the agreement to sell Volvo, all of Volvo’s 2010 results are being reported as special items and excluded from Ford’s general operating results.