1. GROUP 3 GROUP ASSIGNMENT
The Ford Motor Company Current Economic Condition and
Proposed Recommendation for Improvements
Lindsay Boyden, Peter Immediato, Kajol Panjwani
MBA535 Managerial Economics
New England College of Business
3. •Graph for Market Structure ……………………………………….12
•Government regulations affecting market structure……………….13
•How will market structure affect Ford in the next 12 months……..14
•Recommendations for Improvements……………………………...15
•Rationale and Timeframe for Execution…………………………...16
•Forecasts of how company will perform in upcoming 12 months
with respect to the current economic conditions…………………...17
•Summary………………………………………………….………...18
•References………………………………………………………......19
Agenda
4. White Paper 1
•Key Economic Concepts
•Market Demand: Robustness in the upcoming months
•Current pricing strategy: Factors affecting pricing decisions
Lessons in Strategy from Ford Motor Company
Competition
Current Pricing Strategy
Executive Summary
5. White Paper 2
•Current Scale of Operation
•Recommendations
White Paper 3
•Market Structure, which the company is operating
•How market structure is affecting the company's business perspective in the next
12 months
•Government Regulations are affecting the market structure
Executive Summary
7. Current Market Demand
•Maintain leadership in a competitive market
•Expand globally
•Maintain innovation among the competitive market
8. Market Demand – Robustness in the
upcoming months
•Intense competition in the Auto Industry
•Currency Risk Exposure
•Additional competition - Other Industries
10. Competition
•Investing in new products
•Newly signed United Auto Workers (UAW) contract
•High labor costs
•Investing in global manufacturing facilities
•Improve competitiveness in terms of price
11. Current Scale of Operation
•Large scale of operations
•Scale of operations in categories:
• Transmission
• Assembly
• Casting and Forging
• Stamping
• Engine
13. Current Market Structure
•Ford Motor Company is part of the competitive automotive industry
•They must continue to expand efforts outside of the United States
•Consumers are will to purchase ford automobiles based on competitive
pricing and satisfying their customers
15. Government Regulations Affecting
Market Structure
•International trade
•Manufacturing facilities
•Free trade
•Currency manipulation
•Transatlantic Trade and Investment Partnership
16. How Will Market Structure Affect Ford In
The Next 12 Months
•Fuel efficient cars
•Current demand and changing model mix
•New products and product excellence
•Platforms
•Innovation
18. Rationale and Time Frame for
Execution
•Production capacity
•Cost structure to market demand
•Within next 12 months
19. Forecasts of How Company Will Perform in
Upcoming 12 Months With Respect To The Current
Economic Conditions
•Outperformance in the market
•Annual Earnings Forecast
•Share price forecast
•New/upcoming product designs to attract consumers
•United Auto Workers (UAW) Contract alarming investors
20. Forecasts of How Company Will Perform in
Upcoming 12 Months With Respect To The Current
Economic Conditions
21. Forecasts of How Company Will Perform in
Upcoming 12 Months With Respect To The Current
Economic Conditions
22. Forecasts of How Company Will Perform in
Upcoming 12 Months With Respect To The Current
Economic Conditions
23. Summary
•Auto Industry - New Competition
•Emerging Trends
•International Market Share
•The Future of Ford
24. References
• Anastakis, D. (2004). From independence to integration: The corporate evolution of the ford motor company
of Canada, 1904-2004. Business History Review, 78(2), 213-253. Retrieved from
http://search.proquest.com/docview/274400749?accountid=33575
• Annual Report 2014. The Ford Motor Company. Retrieved from:
http://corporate.ford.com/investors/reports-and-filings/annual-reports.html#/undefined
• Brauer, K. (2015). Ford Opens New Research and Innovation Center in Palo Alto. Retrieved from:
http://www.forbes.com/sites/kbrauer/2015/01/22/ford-opens-new-research-and-innovation-center-in-
palo-alto/
• Business Strategy and International Trade, 2015. Retrieved from:
http://corporate.ford.com/microsites/sustainability-report-2014-15/strategy-business.html
• Corcoran, T. (2015, 02). Ode to the auto industry. Financial Post Mag, 6. Retrieved from
http://search.proquest.com/docview/1662387754?accountid=33575
• Demand for company's newest vehicles pushes ford sales to a 13 percent gain in October; retail sales up 13
percent. (2015, Nov 04). News Bites - Automotive Retrieved from
http://search.proquest.com/docview/1729116584?accountid=33575
• Economies of scale and scope, 2008, Retrieved from:
http://www.economist.com/node/12446567
• Eisenstein, P. (2014). Falling Gas Prices a Boon And Bane For Auto Industry. Retrieved from:
http://www.nbcnews.com/business/autos/falling-gas-prices-boon-bane-auto-industry-n262551
• EU and US auto industry call for a comprehensive agreement under TTIP, 2014. Retrieved from:
http://www.acea.be/press-releases/article/eu-and-us-auto-industry-call-for-a-comprehensive-
agreement-under-ttip
25. • Fields, M. (2015). Driving Innovation in Silicon Valley. Retrieved November 25, 2015, from
http://corporate.ford.com/homepage.html
• Fitch, R. (7). Fitch Affirms Ford & Ford Credit IDRs at 'BBB’; Outlook Positive. Business Wire
(English).
• Ford futurist maps road ahead for automotive industry at AutoVision 2015. (2015, Sep 14). Targeted
News Service Retrieved from
http://search.proquest.com/docview/1728479520?accountid=33575
• FORD MOTOR COMPANY. (2015). Austin: Dun and Bradstreet, Inc. Retrieved from
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• Ford Motor Company Equities, 2015. Retrieved from:
http://markets.ft.com/research/Markets/Tearsheets/Forecasts?s=F:NYQ
• Ford Motor Company incorporated. (2009). Retrieved November 12, 2015, from
http://www.history.com/this-day-in-history/ford-motor-company-incorporated
• FORD MOTOR COMPANY LIMITED. (2015). (). Austin: Dun and Bradstreet, Inc. Retrieved from
http://search.proquest.com/docview/230563060?accountid=33575
• Ford Motor Company SWOT Analysis. (2015). Ford Motor Company SWOT Analysis, 1-11.
• Ford Motor Company Timeline. (2015). Retrieved November 12, 2015, from
https://corporate.ford.com/company/history.html
• Ford Stock Forecast 2016. Retrieved from:
https://www.vetr.com/research/NYSE:F/posts/2323180386-Ford-Stock-Forecast-For-2016
References Continued
26. • Grant, J. (2002, Nov 04). A cautionary tale of roofracks and widgets: Jeremy grant on how ford hopes
team value management, or TVM, will bring about a far-reaching overhaul of its product cost
structure: Financial Times Retrieved from
http://search.proquest.com/docview/249431209?accountid=33575
• Hashmi, A., & Van Biesebroeck, J. (2010, May 1). Market Structure and Innovation: A Dynamic
Analysis of the Global Automobile Industry. Retrieved December 3, 2015, from
http://www.nber.org/papers/w15959.pdf
• Henderson, R. (2013). Company's success despite market turbulence is example for nonprofit
organizations. Retrieved from
http://alliance1.org/magazine/issue2-2013/lessons-strategy-ford-motor-company
• Kassab, R. (2015). Competitiveness of Auto Industry Presents Challenges to Ford Motor Company.
Retrieved from:
http://www.at.ford.com/news/cn/Pages/Competitiveness%20of%20Auto%20Industry%20Presen
ts%20Challenges%20to%20Ford%20Motor%20Company.aspx
• Lister, J. (2015). Government Regulations That Affect Marketing in Retail. Retrieved December 3, 2015,
from http://smallbusiness.chron.com/government-regulations-affect-marketing-retail-
35217.html
• Miller, D. (2015). How General Motors and Ford Motor Company Plan to Drive Black Friday Sales.
http://www.chron.com/business/fool/article/How-General-Motors-and-Ford-Motor-Company-
Plan-to-6632216.php
• Min, J. (2015). Lecture 1: Production - Short and Long Run. Retrieved from:
https://necb.instructure.com/courses/1744275/files/75856116?module_item_id=2034906
References Continued
27. • How Ford’s Profit Forecast Serves as a Red Flag for Investors, 2015. Retrieved from:
http://wingztv.com/video/how-fords-profit-forecast-serves-as-a-red-flag-for-investors/
• Muller, J. (2015). Ford's Fresh Face. Forbes Asia, 11(13), 9.
• Naughton, K. (2014). Ford offers year-end incentives for dealers to meet sales targets. Retrieved from
http://www.autonews.com/article/20141106/RETAIL01/141109883/ford-offers- year-end-
incentives-for-dealers-to-meet-sales-targets
• Nivatpumin, C. (2003). Pricing strategy plays key role in profits. Retrieved
from:http://search.proquest.com.prx-
necb.lirn.net/docview/308874963/abstract?source=fedsrch&accountid=33575
• Operations Worldwide, 2015. Retrieved from: http://corporate.ford.com/company/operation-
list.html#s0f0
• Our Strategy. (2013). Retrieved November 17, 2015, from http://corporate.ford.com/microsites/sustainability-
report-2013-14/blueprint-strategy.html
• Owram, C. (2015, Jan 15). Gov't funds steered ford to mexico; engine program was a done deal, ont.
says. The Windsor StarRetrieved from
http://search.proquest.com/docview/1645826644?accountid=33575
• Ray, L. (2015). Ford Motor Company (NYSE:F) Revised Labor Contract by 1.5%. Retrieved from:
http://www.wallstreetscope.com/ford-motor-company-nysef-revised-labor-contract-by-1- 5/25519709/
• Roth, B. (2013). Ford Motor Company’s Sustainability Strategy for Growing Sales. Retrieved from:
http://www.triplepundit.com/2013/01/bill-ford-alan-mulally-ford-motor-companys-
sustainability-strategy-growing-sales/
References Continued
28. • Shanks, B. (2015, April 28). Ford Motor Company. Retrieved December 10, 2015, from
https://corporate.ford.com/content/dam/corporate/en/investors/investor-events/Quarterly
Earnings/2015/Q1-2015-10Q-20150428.pdf
• Snavely, B. (2015, May 08). CEO: Auto industry is not sustainable. Times - Colonist Retrieved from
http://search.proquest.com/docview/1679774426?accountid=33575
• Suttle, R. (n.d.) Definition of Pricing Strategy. Retrieved from:
http://smallbusiness.chron.com/definition-pricing-strategy-4686.html
• What is Market Demand, n.d. Retrieved from:http://www.wisegeek.com/what-is-market-demand.htm
• 1 Sign That Ford Motor Company Is Serious About Regaining Market Share in 2015. Retrieved from:
http://www.fool.com/investing/general/2015/01/17/ford-motor-company-regaining-market-
share-2015.aspx
References Continued
Editor's Notes
Welcome to our Ford Motor Company group assignment for MBA525 Managerial Economics by Lindsay Boyden, Peter Immediato, Kajol Panjwani.
Ford Motor Company started in Detroit Michigan in 1896 and has continued to be one of the greatest auto manufacturers in the industry. Key economic concepts will be discussed while addressing the robustness of market demand and pricing strategy. The key concepts are as follows: economies of scale, production in the short run and long run, market demand and matching market demand to production, current pricing strategy - no-haggle pricing, incentives - competition in the short run and long run and its effects, fixed and variable inputs: capital and labor, cost of labor and its effect on the pricing decisions, inflation adjusted pricing, and foreign currency risks (www.economist.com, 2008).
Looking back on 2015s annual reports, demand for newer automobiles moves Ford's sales to a thirteen percent gain in October for both total and retail sales and have both spiked up to thirteen percent which is the best month of October that Ford has seen in over eleven years (Fields, 2015). This is huge for the company and shows a very strong presents in the automobile industry.
The automobile industry is doing so well, it is attracting new competition into the market, putting more stress on existing companies to be the best of the current automakers (Kassab, 2015).
Automakers typically maintain innovation in a strategic manner because they are aware of the competitive market. Based on significant research and development the global automotive industry is highly innovative (Hashmi & Van Biesebroeck, 2010).
Laws and regulations that pertain to the government exist at both the federal and state levels. In the automotive industry, advertising rules analyze the messages that other companies convey when trying to sway their customers in a certain direction for purchases products and services. If there are violations to these rules than there can be rigid penalties (Lister, 2015).
In order to maintain competitive business and expand the global market, Ford Motor Company must enhance their market share in the fast moving market. In order to achieve significant growth, Ford Motor Company must expand their efforts in Asia Pacific, the Middle East and Africa region, as well as continue to maintain the current market within the United States. The market share on China is one of the lower markets for Ford Motor Company.
Last year, Ford launched sixteen vehicles in North America itself which is much more when compared to previous years. With high-value vehicle launches; 2015 Ford Mustang and F-150, more clientele is expected. Vehicles with newer designs sell and with a great amount of new vehicle launches. (www.fool.com, 2015).
Ford's increasingly competitive product portfolio and lower cost structure have positioned the company to withstand the significant cyclical and secular pressures faced by the global auto industry (Fitch, 2015). Ford can still find ways to change its cost structure and make it even more efficient than it already is.
Being a leader in the automobile industry is the goal the Ford seeks to maintain. In order for Ford to uphold leadership within the automobile industry, they must retain satisfied customers, employees, and business partners (Our Strategy, 2013).
In order to maintain competitive business and expand the global market, Ford Motor Company must enhance their market share in the fast moving market (Ford Motor Company 2014 Annual Report, 2014).
Automakers typically maintain innovation in a strategic manner because they are aware of the competitive market (Hashmi & Van Biesebroeck, 2010).
Intense competition presents a significant risk to Ford's ability to enhance its revenue per vehicle and maintain its market share during difficult economic times. (Ford Motor Company SWOT Analysis, 2015) Over the long term intense competition and apparent excess capacity is expected to continue to put downward pressure on inflation-adjusted prices for similarly-contented vehicles in the US and contribute to a challenging pricing environment for the automotive industry. (Ford Motor Company SWOT Analysis, 2015)
However, it is not only the automotive sector where Ford has exposure. Foreign currency risks affect Ford’s automotive and financial services sector alike. (Ford Motor Company SWOT Analysis, 2015) Ford Credit faces exposure to currency exchange rates if a mismatch exists between the currency of receivables and the currency of the debt funding those receivables. (Ford Motor Company SWOT Analysis, 2015)
Recently Ford has hired a new CEO and he not only sees competition from other automakers but also from other industries. The new CEO of America's most successful car company must navigate a hypercompetitive future with threats from reinvigorated traditional rivals--and Apple, Google and Uber. (Muller, 2015) Just a few years ago this wouldn’t have even been thought of as competition for Ford.
Ford's current pricing strategy using the example of the very current November 2015 Black Friday Sales is based on the no-haggle pricing that is within $200 of the dealership invoice price. Buyers spend a lot of time negotiating the price for a new vehicle and its trade-in. Ford's "Friends & Neighbors" sale aims to reduce time and stress at the dealership. With this simple and compelling consumer offer, Ford believes that its pricing strategy will be appreciated, valued by the consumer, driving sales and therefore makes sense (Miller, 2015).
Ford has also previously adopted offering incentives to dealers in the form of cash bounty if they meet their sales targets. Ford's analyst, Merkle, has termed this as a volume-based growth program that will not only target vehicles that are down in sales but also will provide the dealers more flexibility to work with consumers (Naughton, 2014).
Competition and its effect on pricing: as per a former auto analyst, John Casesa, to be economically viable, Ford needs to aggressively invest in new products. Having new products that the consumers will appreciate and pay for will further drive Ford's viability in the market. Maintaining an extremely competitive cost structure will become crucial to the progress of the company. The cost of labor will also determine pricing decisions (Kassab, 2015).
Ford's recently signed labor contract with the United Auto Workers (UAW) will result in a 1.5% increase in its overall labor costs spread over the next four years and close the gap between General Motors and Chrysler; Ford being the highest. According to the CEO Mark Fields, the labor costs will bring-in efficiency along with lower the costs of business since it includes hiring of casual or entry-level hires who will be paid much less than the veterans and this will help move the production to overseas factories. It will also allow Ford to invest in its global manufacturing facilities and improve competitiveness in terms of cost (Ray, 2015).
Ford has approximately 166,000 people working in its plants and offices country after country. Ford has several offices and plants in the following categories such as transmission, assembly, casting and forging, stamping, and engine (www.corporate.ford.com, 2015)
In the category of transmission it has its plants in the United States, United Kingdom, China, France, Germany, Slovakia, Brazil, and Japan. It has its assembly plants in Canada, China, Australia, Argentina, Brazil, Germany, India, Mexico, Russia, South Africa, Spain, Taiwan, Thailand, Turkey, Venezuela, and Vietnam. Casting and Forging plants are located in United States and Germany. Whereas the Stamping plants are located in United States and Australia. It's Engine plant is located in United States, Romania, United Kingdom, China, Australia, Brazil, Canada, Germany, India, Mexico, South Africa, Spain and Taiwan and Turkey. It can therefore be seen that Ford operates on a large scale with its operation spread out worldwide.
When evaluating the third quarter metrics of 2015 and comparing it to the year 2014, the global market share is at 7.6% in 2015 when compared to 7.3% in 2014 and is on for a breakthrough year and quarter (3 Quarter Earnings Review, 2015).
Market structures can also be described as the number of firms in the market that produce identical goods and services. The market structure has great influence on the behavior of individual firms in the market (What is Economics?, n.d.).
In order to achieve significant growth, Ford Motor Company must expand their efforts in Asia Pacific, the Middle East and Africa region, as well as continue to maintain the current market within the United States.
While being fun to drive and price competitive the Ford Motor Company is designed around fuel-efficient cars and trucks that achieve lower tailpipe emissions. Mulally's views on the sustainability of the company revolved around continuing to serve by offering the product that the consumers want and are willing to pay for, and are produced by using fewer resources thus achieving cost competitiveness and superior productivity (Roth, 2013).
As you can see from the graph above car sales in North America are pretty flat from 1990 to 2015. However, during this same timeframe there have been some large sales increases in other regions mostly in Asia and South America. These regions are the real growth opportunities for Ford.
Ford being a global automaker exhibits a strong interest in international trade related issues. It has manufacturing facilities all over the world and is a strong supporter of trade liberalization. Free trade is a foundation to Ford's business model. It believes in eliminating any trade-distorting policies such as currency intervention and manipulation.
Currency manipulation provides the foreign automakers with an export subsidy of several thousand dollars per vehicle and simultaneously acts as a nontariff barrier protecting their markets from imports. Ford is a strong believer that the market should be setting the currency rates and not the government.
A good example in this case is that Ford also believes that a strong Transatlantic Trade Investment Partnership (TTIP) will allow for mutual recognition of regulations thus reducing costs, providing greater business predictability and maintaining the EU and U.S. at the forefront of the global auto industry. It would also help create a free trade zone between the world's two largest trading partners that will further benefit both the EU and U.S. further serving as a base for future agreements with other regions of the world. By getting rid of tariff barriers and recognizing the regulations together, it will help open markets and increase genuine competition, in turn benefiting customers from both sides of the Atlantic (Corporate.ford.com, 2015).EU-US auto-related trade currently accounts for 10% of total trade between the two regions, 32% of global auto production and 36% of global auto sales. Under a TTIP, the two regions would represent the largest share of auto production and sales every covered by a single trade agreement (www.acea.be, 2014).
While being fun to drive and price competitive the Ford Motor Company is designed around fuel-efficient cars and trucks that achieve lower tailpipe emissions. Mulally's views on the sustainability of the company revolved around continuing to serve by offering the product that the consumers want and are willing to pay for, and are produced by using fewer resources thus achieving cost competitiveness and superior productivity (Roth, 2013).
Currently the One Plan aims to aggressively restructure to operate profitably at the current demand and changing model mix. It further aims to accelerate development of new products that the customers want and value. One of the priorities of Ford is to provide product excellence with a passion. In this highly competitive automotive industry Ford has launched 24 all-new products globally in 2014 including the all new Ford F-150, Mustang, Escort, Ka and Transit and the Lincoln MKC. In 2015 the aim was to launch 15 new products globally, the strategy being to serve customers in all market with a full family of best-in-class vehicles - small, medium and large; cars, utilities and trucks; each delivering the highest quality, fuel efficiency, safety, smart design and value to deliver growth. The company has a total of twelve platforms and is now in track for having nine global platforms in 2016 with almost 100 percent volume coming off the nine platforms. The vehicle launches will help set up the stage to drive revenue and profit growth.
One of the priorities in the upcoming months will also be to drive innovation in every part of business. The automotive industry is ever-evolving, and new technology has a significant impact on business. Ford recently opened a new, expanded Research Innovation Center in Palo Alto employing 125 people with a focus on future technology in the area of autonomous driving, car connectivity, human-machine interface, smart mobility and big data. As an example, Ford will collaborate with Stanford University in developing the autonomous vehicle technology providing Stanford with its latest Fusion autonomous test vehicle to begin testing algorithms related to planning and prediction in driveless cars (Brauer, 2015). While having a focus on developing affordable, accessible solutions that help meet the needs of future transportation, Ford continually provides innovations that consumers demand today. Ford's focus is on creating value and that's how it adapts to the constantly changing environment and keeps adjusting their plans to keep with the pace of competition. This helps to continuously monitor risks and opportunities that are presented by the changes by wide range of factors in the global environment.
Ford's increasingly competitive product portfolio and lower cost structure have positioned the company to withstand the significant cyclical and secular pressures faced by the global auto industry (Fitch, 2015).
Fiat Chrysler Automobiles CEO Sergio Marchionne took on the entire structure of the global automotive industry as he delivered a treatise on why the industry must seriously consider consolidation as the cost for doing business globally rises and, some say, signalled that the automaker is looking for a buyer. (Snavely, 2015). Buying out another company or merging could help reduce the R&D costs for Ford in the future.
Finding ways to reduce costs in a firm sometimes can be difficult but looking at all aspects of the business is important. Looking at areas like the parts suppliers Ford uses could also lower the cost structure. As companies get big they sometimes keep the status quo and don’t look at other suppliers or other ways to cut costs.
Labor is a tremendous cost for Ford and this is definitely a place they should look to reduce some costs. Ford Motor Co., beset by the highest U.S. labour costs in the industry, is seeking to use contract talks this summer to ease the burden. (Naughton, 2015).
The company's net income is grouped with Personnel and Dealer related items, which provide beneficial information that can be useful to investors. The production capacity along with the cost structure to market demand can help investors track amounts that are related to these activities. Allowing investors to analyze pre taxed results to identify certain occasional important items that may typically have not been included with ongoing operating results is important to help increase production capacity and lower the cost structure. The timeframe for this event is 12 months and was to be completed at the end of 2014.
Ford held its number one place in the year 2015 at the end of October. The F-series will hold onto its title as America's favorite vehicle. Their exciting new product designs will give and have given many consumers reason to do business with Ford. There also has been hype of the new GT at select auto shows that has had numerous enthusiasts hyped up and eager to see when they will become available to the public (http://wingztv.com, 2015). The new labor contract with UAW has many investors concerned with the details that have been made public thus far as it has affected 53,000 workers at 22 plants, the new agreement revamps the current pay schedule by gradually increasing pay over the next 8 years (www.vetr.com, 2015).
The consensus forecasts amongst 21 polled investment analysts covering Ford Motor Company advises that the company will outperform the market.
See next page.
Ford's reported annual 2014 earnings of 1.16 share on Jan 29, 2015. The next earnings will be announced in January 2016.
Seventeen analysts offered 12 month price targets for Ford Motor Company have a median target of 17.00, with a high estimate of 22.00 and a low estimate of 15.00. The median estimate represents a 22.39% increase from the last price of 13.89.
The automotive industry is changing rapidly and where in the past competition was obvious there are many new markets and industries that can now be considered competition for Ford. Yes, Ford will continue making cars, trucks and SUVs for the foreseeable future. But if it wants to be around for another 100 years, the company needs to start thinking of itself not just as a vehicle manufacturer but also as a provider of mobility services in a world where cars talk to one another and transportation is shared. (Muller, 2015)
Ford is identifying and following emerging trends such as the needs of aging consumers, changing attitudes and physiology of car buyers and the growing "information addiction" that is driving changes in technology offerings in vehicles. (Targeted New Service, 2015)
In the US, Ford was America’s best-selling vehicle brand for the fifth consecutive year in 2014. Also, the company occupied a market share of 15.5% in the Canadian automotive market. (Ford Motor Company SWOT Analysis, 2015) But it doesn’t stop there. In the South American market, Ford has been consistently maintaining a strong market share of more than 9% in Brazil since 2012. The company has also been able to expand its market share in Argentina from 12.3% in 2012 to 14.1% in 2014. In the Asia-Pacific region, Ford occupied a market share of 4.5% in China in 2014. Thus, Ford’s strong market share in several regions could enhance brand value leading to greater demand and higher profitability (Ford Motor Company SWOT Analysis, 2015). In order to keep growing it’s imperative that Ford keeps increasing its market share in international markets. That’s where the real growth in car sales is coming from and it looks like Ford is in a good position to do just that.
