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Ford Motor Company International Global Crisis

1597 words - 6 pages

The synopsis of Ford Motor Company: Ford Motor Company primarily develops, manufactures, distributes, and services vehicles and parts worldwide. It operates in two sectors, Automotive and Financial Services. The Automotive sector offers vehicles primarily under the Ford and Lincoln brand names. This sector markets cars, trucks, and parts through retail dealers in North America, and through distributors and dealers outside of North America. It also sells cars and trucks to dealers for sale to fleet customers, including daily rental car companies, commercial fleet customers, leasing companies, and governments. In addition, this sector provides retail customers with a range of after-sale vehicle services and products in the areas, such as maintenance and light repair, heavy repair, collision repair, vehicle accessories, and extended service contracts under the Ford Service, Lincoln Service, Ford Custom Accessories, Ford Extended Service Plan, and Motorcraft brand names. “The Financial Services sector offers various automotive financing products to and through automotive dealers” (NY 2). It offers retail financing, which includes retail installment contracts for new and used vehicles; direct financing leases; wholesale financing products that comprise loans to dealers to finance the purchase of vehicle inventory; loans to dealers to finance working capital, purchase real estate dealership, and/or make improvements to dealership facilities; and other financing products, as well as provides insurance services. Ford Motor Company was founded in 1903 and is based in Dearborn, Michigan.
Backdrop of the global crisis that affected Ford: The economic recession worldwide has redefined many a modern economy, including the bigwigs like the United States of America and Russia. The downtrend exhibited by the US economy is hemorrhaging at a rate that is alien to the previous five decades. With nearly four million jobs on the line, revival seems a distant dream, but not impossible. The US economic crisis has hit the common man the most, reducing the quantum and quality of lifestyle greatly. Homes and investments have plunged, tagging along labor market statistical pressure. The main features of the current US economic crisis include steep payroll decline, loss of more than 4.4 million jobs, sharp contraction within the labor market, increase in involuntary part-time job slots and underemployment, drop in average hourly earnings reduced consumer spending. The US Economic Crisis is most affected by the steep and unstable gross domestic product. Consumers and businessmen are considering cessation to spending. The monetary policy official rates are suspended at a near zero. In spite of the credit programs to stimulate consumer lending, the shedding of labor renders the remedial measure a shot in the dark. Construction-based and related employment has also dropped considerably. Retail trade and the hospitality segment have been hit by a 'non-essential' spending...

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