May 12, 2005

Massblogging Car-business Links of the Day (051205)

Filed under: Business Moves — Tom @ 10:33 pm

From a hotel room in Worcester, Mass.:

  • Toyota does well:

    Toyota sales in North America reached 2.27 million vehicles, up by 168,000 vehicles, as demand remained strong for the Prius hybrid, which switches between a gasoline engine and electric motor to deliver good mileage, as well as for Scion cars that target younger drivers.

    ….Toyota’s (NYSE: TM) fourth-quarter profit dipped, but the world’s second-largest automaker said today that it still posted record earnings for the full fiscal year as sales grew across all key regions.

  • Meanwhile in the executive suite in Dearborn, Bill Ford, at least on a PR level, starts doing the right thing:

    Ford Motor chief Bill Ford said Thursday he will forgo all compensation until the company’s automotive business is sustaining profitability, a move that brought applause from shareholders but little reward on Wall Street.

    Of course, it will take more than Bill Ford’s formerly hefty earnings to turn the company around, but the folks on the line and the dealers around the country can at least know that the big guy is serious. In a perfect world, the company would get back the ridiculous golden-parachute money they paid Jack Nasser (Ford’s previous CEO who reportedly received a go-away package of $36 million, though I can’t find a definitive link).

  • No word yet at to whether GM honcho Richard Wagoner might imitate his smaller rival’s move. I’d bet against it.