Ford will miss pricing target for 2003
Reuters / May 20, 2003
DETROIT -- Ford Motor Co. on Tuesday said it would miss its pricing targets for 2003 in North America and Europe but said it was still on track to meet its earnings goal of 70 cents a share for the year.
In slides prepared for a presentation to analysts, Ford said it now expects prices in the United States to fall this year by an unspecified amount, versus Ford's goal of flat prices in an incentive-driven market.
Ford said higher incentives in Europe would cause it to miss its goal of a 1 percent increase in prices there.
Ford said it was increasing cost-cutting efforts to offset the pricing decline.
Ford's ability to hold prices steady even as auto industry incentives reached record highs has been a highly praised part of its year-old turnaround plan. Shares in the world's No. 2 automaker soared in April after it reported a surprisingly strong profit, thanks in part to a 0.2 increase in U.S. net prices -- the average price of its vehicles adjusted for incentive costs.
My first car was a 67 Mustang Coupe, 2nd one was a 67 Cougar XR-7, 3rd one was a 66 Mustang Coupe. Why did I get rid of these cars for ? I know why, because I'm stupid, stupid, stupid.
My next Ford.....