Ford Motor Company Facts

The Dearborn, Mich.-based Ford Motor Company is a multinational automobile manufacturing company that employs more than 213,000 workers. It's one of the large automakers in the world, taking in an estimated $146.3 billion in total revenue in the fiscal year ending in December 2008. Ford has recorded severe net losses since 2006, although as of June 2009, it has avoided the bankruptcy filings required by its chief competitors, General Motors and Chrysler LLC.

Origins

The company was founded by Henry Ford and incorporated in 1903. Ford perfected the modern assembly line in 1908 to mass produce the Model T, which gave Americans an affordable car. He instituted a credit plan as well as the eight-hour work day.

Products

Ford manufactures Ford, Lincoln, Mercury, Volvo and Mazda cars and trucks. It owns a minority stake in Aston Martin. At one time, it was the parent company to the United Kingdom-based Jaguar and Land Rover before selling these subsidiaries in 2008 to Tata Motors of India.

Global Reach

In early 2009, Ford distributed its products from 95 plants to more than 200 markets on six continents. Its operations include Ford North America, Ford Europe, Ford Asia Pacific and Ford South America. In 2008, Ford sold the Thai-Swedish Assembly Group to Volvo Holding Sverige. It also acquired in 2008 a 72.4 percent stake in S.C. Automobile Craiova SA of Romania.

High-Water Mark

In 1987, Ford recorded its biggest profit in its history at $4.63 billion. During the flush economy of the 1990s, it carried 345,000 employees worldwide on its payroll. In 1993, five of the eight best selling vehicles in the United States were Fords. In addition, the company saw its total revenue soar to $107 billion in 2001.

Junk Status

Ford was dealt a blow in 2005 when its corporate bond rating was downgraded to junk status due to the high cost of U.S. health care for an older workforce, dropping SUV sales, a falling market share and high gas prices. In 2006, the company raised a line of credit of $25 billion to avert bankruptcy.

Dark Horizon

In 2006, the company suffered its biggest annual loss in its history at $12.7 billion. During the second quarter of 2007, it recorded a $750 million profit, but net losses for the year were $2.7 billion. Net losses grew in 2008 to another record high of $14.7 billion. Since the beginning of the 21st century, it has shed 13.4 percent of its worldwide workforce.

Recovery Plan

Forced to reconsider its future on a smaller scale, Ford sold its Jaguar and Land Rover subsidiaries to Tata Motors for $2.3 billion. Along with General Motors and Chrysler, Ford went to Congress in late 2008 for a bailout, but was rebuffed. Chrysler and GM eventually received bailout funds, but Ford decided to reject the money. The company cited the line of credit it acquired in 2006 and its current liquidity as sufficient to see it through the crisis.