With Ford Motor’s stock at almost a nine-year low and the company squeezed by tariffs and trade tensions, CEO Jim Hackett sought to revive confidence among dealers gathered in Las Vegas this week, days ahead of declaring the automaker’s third-quarter results.
In closed-door meetings with members of Ford’s national dealer network, Hackett and other top Ford executives revealed future versions of the popular Explorer and Escape SUVs, along with new the Ranger mid-sized pickup truck and an unnamed smaller off-road utility vehicle, attendees stated. Ford has stated it will refresh 75 percent of its North American lineup during the next two years.
“I feel better after seeing the product,” stated Jim Seavitt, owner of Village Ford located in Dearborn, Michigan, close to the company’s headquarters. He saw Hackett discuss on Wednesday night.
Hackett’s presentations were not open to the press or public. Ford in July delayed a planned investor presentation that was planned for September.
After Morgan Stanley on Friday slashed its price targets for Ford and General Motors because of falling industry demand in China, Ford’s stock dipped to $8.19 – its lowest cost since November 2009 – before recovering to $8.47. Ford is anticipated to report a decrease in third-quarter profits on October 24.
Dealers stated the most important aspect of the meetings in Las Vegas was that Hackett laid out his vision for the company and described to dealers how they fit in those strategies – reassurances they stated were long overdue.
Hackett and other executives promised dealers there is going to be a wave of new models to replace an aging lineup, that future models would come at a quicker pace and that more of those new models would be electric or hybrid.
Company executives also laid out plans to cut time from a clients ordering a vehicle to delivery from 82 days to 38, together with plans for the launch of an enhanced customer appreciation program to reward Ford’s most loyal purchasers.