Ford family still retains 34% of the firms voting stock. Ford’s finance subsidiary, Ford Motor Credit, was formed in 1959 and is the number one auto finance company worldwide. The Thunderbird, a two-seater sports car, was produced in 1954. A revolution was started in 1964 when Ford unveiled the Ford Mustang. It was the first time the world had seen a sporty car with a youthful touch. The 70’s were a time for quality reflection, assessment, and improvement. In 1980, Ford introduced the Escort, which was their first attempt at a car that could be globally marketed. The 80’s were also the decade in which the Taurus made its first appearance. Ford then developed the “global car” referred to as CDW27. It was a highly sophisticated car that sent all over the world with only slight modifications for various regions. In 1987, Ford earned record profits of $4.63 Billion and three years later they suffered their largest one-year loss of $2.3 Billion. Ford makes vehicles under the following names: Volvo, which was bought in 1999; Aston Martin, acquired fully by 1994; Jaguar, which was bought in 1990; Mercury, production began in 1938; and Lincoln, which was purchased in 1922. In addition, Ford owns a controlling 33% stake in Mazda; 81% of Hertz, which is the number one rental car company in the US; and Ford Motor Company of Canada, Ltd. Currently, Ford is the #2 maker of cars and trucks worldwide. They are also the world’s largest truck manufacturer and are ranked by Fortune 500 as the second largest industrial corporation. Ford’s three major subsidiaries are Hertz, Ford Credit, and Visteon. Hertz is the U.S.’s largest rental car company. They have seen five years of record profits and seven straight years of increased earnings. Ford Credit is the world’s largest automotive finance company. In 1998 its earnings were $1.1 billion, an increase from last year. Visteon is a com...
