Ford in the Black, Thanks to Cash for Clunkers

2 November 2009 - 1:00pm

Ford Motor Co. is reporting almost $1b in profits in the third quarter. CEO Alan Mulally credits the Cash for Clunkers program and cost cutting for their success.

"Ford, the only one of the three big U.S. carmakers that didn't file for bankruptcy this year, reported net income of $997 million, or 29 cents a share, for the three months ended Sept. 30. That compared with a net loss of $161 million, or 7 cents a share, in the same quarter a year ago."

The Ford Focus, a compact car that gets 35 mpg on the highway, was one of the most popular cars available under the Cash for Clunkers program.

Source: The Los Angeles Times, November 2, 2009
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Public transit has suffered from an economic mis-focus, and ironically enough, it has only worsened perennial problems like chronic underfunding and running incomplete systems that can't compete with the private automobile.