According FoMoCo, the U.S. auto market has bottomed out but recovery could still be months away. Ford Americas President Mark Fields told reporters yesterday that leading economic indicators suggest that the economy will recover in the second half of the year.
“Things have stopped getting worse,” said Fields. “The question is, at what point does it start to turn positive?
Analyst Erich Merkle of Autoconomy.com said the decline was negligible and that he agreed with Fields. “That drop was not meaningful,” he said. “We’re just dragging the bottom.”
Separately, CEO Alan Mulally, who said that Ford has enough cash to weather the economic crisis, called on GMAC Financial Services to put its shareholders — the American taxpayers — ahead of General Motors and the Chrysler. His comments were meant to caution GMAC against offering too favorable of terms to customers of competitors.
– By: Stephen Calogera
Source: Detroit News