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U.S. markets recover from steep losses
TRAVERSE CITY, Mich., Aug. 8 (UPI) -- Ford Motor Co., which last month posted its first money-making quarter in two years, reported it is gearing up to become consistently profitable.
Alan Mulally, Ford's chief executive officer, said the Detroit automaker -- earning $750 million in the second quarter -- is trying to aggressively cut capacity to meet demand and trying to build that demand back up with new vehicles, the Detroit Free Press reported Wednesday.
"We need to accelerate the development of new products and services. This is a big deal for Ford," Mulally told an audience at an industry seminar in Traverse City, Mich.
Only a few years ago, 70 percent of Ford's vehicle sales were large SUVs and trucks, he said. In July, Ford was able to bring that percentage more in balance, with half of sales from SUVs and light trucks and half in cars.
"This is a tremendous transformation for the Ford Motor Co.," said Mulally, who became Ford's CEO last year.
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