Ford Loses Just $1.4B, Turns Down Treasury Money

Geely is only bidder remaining for Swedish subsidiary

(NEWSER) - Ford put its Volvo unit up for sale last December, and it's narrowed the possible buyers to just one bidder: a Chinese consortium led by Geely, the country's largest private automaker. Geely first approached Ford about the purchase in summer 2008 and is prepared to pay about $2 billion, less than a third of the price Ford paid a decade ago. The company rejected an offer by an American group backed by private equity. More»

(NEWSER) - Ford surprised the markets today by posting a $2.3 billion quarterly profit, thanks mostly to debt restructuring actions, Reuters reports. The result beat estimates and represents Ford's first good quarter in more than a year; this time in 2008, the automaker lost $2.7 billion. But the global downturn that pushed Chrysler and GM to bankruptcy is still biting Ford—without the debt reduction the company would have posted a narrow loss. More»

(NEWSER) - Hoping to profit from its rivals' pain, Ford will ramp up this year's third-quarter production 10% over last year's, in a bid to grab market share from GM and Chrysler as they recover from bankruptcy, the Wall Street Journal reports. It’ll be Ford’s first production bump in nearly two years. “This is a once-in-a-lifetime opportunity,” said a source from Ford, though he added, “No one is going to gift-wrap it for us. You have to deliver the product people want to buy.” More»

It's kinda jealous

(NEWSER) - Ford Motor Co., the lone member of the “Big Three” not to accept government help, is suddenly looking across town with dread and a touch of jealousy, the Wall Street Journal reports. A bankruptcy at GM or Chrysler could wreak havoc on Ford’s supply chain, as shared suppliers or dealerships buckled, all while giving the bankrupt competitors an edge by allowing them to exact deeper concessions from unions and creditors. More»

Gizmos proliferate amid concerns on distracted driving

(NEWSER) - Imagine cruising down the highway at 65mph while checking tweets, buying movie tickets online, or booking reservations at a restaurant. This scenario is the not-too-distant future of driving, reports the Wall Street Journal , as auto manufacturers seek to design an innovative "connected car" full of Internet-accessible gadgetry. The push for a tech-infused car comes as a national push for rules banning phones in cars seems to be fizzling out and automakers look to entice the youth demographic. More»