Despite the severe global downturn, Ford said it continues to make progress on all four pillars of its plan:
• Aggressively restructure to operate profitably at the current demand and changing model mix
• Acceleratethedevelopmentofnewproductsthatcustomerswantandvalue
• Finance the plan and improve the balance sheet • Work together effectively as one team, leveraging Ford’s global assets
Ford says that capital spending is expected to be in the range of $4.5 billion to $5 billion, as the automaker continues to focus on its product plan.
The company has completed major cost reduction actions over the past four years to substantially restructure its business, including personnel levels, facilities and related costs, and the settlement of the UAW retiree health care VEBA agreement. Ford expects Automotive structural costs to be somewhat higher compared with 2009 as it increases production to meet demand.
Ford expects U.S. full year industry sales will be in the range of 11.5 to 12.5 million units, including medium and heavy trucks. For the 19 markets Ford tracks in Europe, the company expects full year industry sales will be in the range of 13.5 to 14.5 million units, including medium and heavy trucks.
“We are more convinced than ever that Ford has the right plan to lead us through the near-term economic and external operating pressures and continue to deliver profitable growth,” Mulally said. “The entire extended Ford team is absolutely committed to building on our progress and working together as a lean global enterprise focused on automotive leadership and delivering products with the best quality, fuel efficiency, safety, smart design and value around the world.”