Ford Motor Company, unlike many of the world's corporations, is riding high.
Criticized for low profit margins during the past decade, Ford's conservatism seems to be paying off. Unlike its American and Japanese competition, it lost less market share as auto sales crashed everywhere. Not long ago, experts wondered if the company would survive. A few months ago it confidently refused government assistance (also avoiding federal interference in its operations.)
This month USA Today and Car and Driver announced that Ford's hybrid midsized outperformed the Toyota Prius in almost every category. It has more passenger and trunk room as well as better handling while sacrificing nothing in fuel economy.
Last week Ford called a news conference to announce the reopening of its Cleveland Engine Plant Number 1. Built in 1955, it was shut down to undergo a $55 million renovation. Its opening will initially bring 250 employees back to work.
Even better, the plant will turn out next generation engines that improve fuel economy by 20% and cut emissions by 15%. This demonstrates that someone, somewhere in industry is still using good old American innovation to produce better products that consumers desire. And they are doing it without the federal government's help or advice.
Kudos to Ford. They remind us that the private sector remains the most effective source of real and effective changes.
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