Detroit Bureau on Twitter

Posts Tagged ‘stephen odell’

Ford Shares Plunge on Bad News About Recalls, Europe

But maker insists it is “well-positioned for long-term.”

by on Sep.30, 2014

Ford CEO Mark Fields, shown with the 2015 Edge, insists the maker's long-term prospects are solid.

Investors took a dim view after being given an inside look at Ford Motor Co, the maker acknowledging that its European turnaround will be delayed, while it expects to run up big losses in South America, as well – with earnings taking taking another $500 million hit due to recent recalls.

Ford shares closed Monday at $15.11, down about 7.5% on nearly three times the normal volume on the New York Stock Exchange, investors having to balance the maker’s short-term problems against the more upbeat, long-term potential outlined by new Ford CEO mark Fields and his top management team.

Your Trusted Source for News!

“Our long-term plan underscores the commitment we have to our One Ford plan, while accelerating our pace of progress, delivering product excellence and driving innovation in all areas of our business,” Fields said during a presentation to automotive analysts dubbed Ford 2020. “We remain completely focused on offering customers the freshest lineup of world-class vehicles to meet their needs.”


Ford “On Track” for European Turnaround

Maker betting on product blitz, cost cuts to be in black by 2015.

by on Jul.09, 2014

Ford's European chief Stephen Odell.

With the European automotive market showing signs of an upturn after its worst slump in a quarter century, Ford Motor Co. is growing increasingly confident in the aggressive turnaround plan it launched during the depths of the downturn.

The maker’s sales have been outpacing the overall industry recovery, and while some automotive analysts believe Ford of Europe might actually break even for 2014 the maker is, for now, sticking with guidance promising to “improve” its financial situation this year, while projecting “profitability” in 2015. Ford lost $1.4 billion in Europe last year.

Global Insight!

The plan is “on track,” said Ford of Europe president Stephen Odell, during a media roundtable on Thursday. “We are very, very pleased with where we are in our European transformation plan.”


Is There a Light at the End of the Tunnel for European Auto Industry?

Or is it another brush fire?

by on Sep.13, 2013

A crowd gathers at the Audi stand at the Frankfurt Motor Show. Automakers are hoping the big event will signal the end of Europe's worst car sales downturn in two decades.

With an estimated 70 all-new or significantly updated products and concept vehicles on display, the auto industry has big hopes for this month’s Frankfurt Motor Show – in itself a good sign considering the downright dour mood at other recent European auto shows.

It’s been a truly awful period for the Continental industry. Hammered by a devastating economic recession that came close to crushing the euro and even breaking up the European Union itself, car sales dipped to their lowest level in two decades during the first months of 2013.  But there have been signs of life this summer, particularly in the retail side of the market where not only are more customers returning to showrooms but they’re also spending more to opt up what they buy.

Your Global Auto News Source!

“We’re about to see the end of five years of decline,” predicted Carlos Ghosn, the CEO of the Euro-Asian Renault-Nissan Alliance, during a news conference at the Frankfurt Motor Show.

His assessment was shared by a number of competitors. But while there’s a growing sense of light at the end of the tunnel, some skeptics continue to wonder whether what they’re really seeing is just another brushfire.


European Market Showing Signs of Life, Ford Plans Big Model Blitz

Maker promises to roll out 25 new vehicles in five-year frenzy.

by on Sep.10, 2013

Ford of Europe Stephen Odell is seeing some light at the end of Europe's long tunnel.

While it’s far too early to predict that the struggling European car market is finally back in gear, there are growing signs that the worst is over, suggests Stephen Odell, the CEO of Ford European operations.  With the maker now confident it will be back in the black by 2015, that’s encouraging Ford to prepare for the inevitable revival with a blitz of new products.

Ford had previously announced plans to roll out 15 all-new or completely redesigned models during a five-year period starting in mid-2012.  But over a dinner prior to the start of the Frankfurt Motor Show, Odell says Ford has upped that to 25 new products during the same timeframe.

Your Source for Auto News!

“We are at the bottom,” the executive says. And while he cautions, “There are no major signs of uptick,” he insists, “it does feel like we’re running along the bottom.”

Ordinarily, that might not seem like a very positive assessment, but consider that European sales have been tumbling by at least 500,000 annually in recent years, the numbers from the first part of 2013 dipping to two-decade lows. That forced Ford to take a number of critical steps, including the planned closure of its big assembly plant in Genk, Belgium and two smaller facilities in the U.K.


Ford Sees Light at End of European Tunnel

Maker remains committed to be back in black by 2015.

by on Jul.12, 2013

Ford's European chief Stephen Odell believes the maker is finally back on track and headed for a 2015 break-even.

Europe’s car market has been akin to a black hole for the past for the past six years, leaving manufacturers desperate to find a way out of the morass.  Ford Motor Co. has been one of the hardest-hit, last year running $1.7 billion into the red on the Continent.

Nevertheless, the maker insists it is finally seeing some positive signs in Europe. “It’s beginning to show signs of stability,” said Stephen Odell , executive vice president and president of Europe, Middle East and Africa, during a Thursday evening a briefing at Ford’s suburban Detroit headquarters. Those signs indicate the market for new vehicles in the Euro zone has finally stopped shrinking, though Odell stressed that does not mean a swift turnaround.

Your Global Source!

“The European market should start growing next year,” Odell said, adding the growth will be slow and modest over the next several years. “I don’t see a V-shaped recovery. The GDP growth will be slow,” he said. “But most of the indices are pointing towards recovery,” he said.


Ford Now a Solid 2nd in Europe

Product-led revival.

by on Sep.12, 2011

Ford will introduce the new Evos Concept at the Frankfurt Motor Show.

The launch of a flood of new vehicles is paying off for Ford Motor Co. as its European turnaround efforts take hold. At the upcoming Frankfurt Motor Show the maker will reveal an assortment of new products and concept vehicles that should reveal whether it can continue to gain momentum.

The maker is earning a steady improvement in sales and market share in Europe – strong demand in  Germany for the Focus and C-MAX helping Ford increase sales 19.3% in August to 72,200 vehicles, while  its share rose 0.8 percentage points to 8.2% for the month, Ford’s best August share performance in Europe since 1998.

Your High-Powered News Source!

Ford is now the number-two best-selling brand in Europe behind Volkswagen for the year-to-date. Through the first eight months of the year, Ford European sales have grown 2.8% to more than 1.05 million units.

“We had a very strong August compared with a year ago and compared with the rest of the industry, which is a testament to our strengthened product lineup,” said Stephen Odell, Ford of Europe’s chairman and CEO, on the eve of Ford’s IAA Frankfurt Motor Show media preview.


Ford Reveals Aggressive Product Plan for Europe

“We’ve come through the worst,” says Odell.

by on Jun.15, 2011

Ford lays out plans for all-new products, including the replacement for the Focus ST.

Ford is planning to introduce an array of 20 new or significantly freshened vehicles in Europe over the next three years and will use existing plants in Spain, Germany, Romania and Turkey to carry out the plan.

The program is designed to help Ford turn things around after a devastating downturn worsened by the 2009 economic crisis.

“We’ve come through the worst of the economic crisis as a strong and profitable company, and we have a full pipeline of exciting vehicles coming to market,” said Stephen Odell, chairman and CEO, Ford of Europe, “Now we are taking the right actions to grow profitably in Europe.”

Subscribe Free!

With the automaker pressing ever further with its One Ford strategy, however, the plans for Europe will be felt around the world, notably in the United States, where next-generation models, such as the Fiesta and Ford also will be introduced.  The changes coming in Europe, meanwhile, are designed to support CEO Alan Mulally’s plans to grow global sales by more than 50%.


Ford’s Farley Gets Key Global Assignment

Odell leaving Volvo for Ford of Europe.

by on Jul.15, 2010

Ford's global marketing chief, Jim Farley, now adds global sales and service responsibilities to his portfolio.

Ford has announced a number of senior management changes that, among other things, will give it a global sales, service and marketing czar, for the first time, and a new boss in Europe.

A one-time rising star at Toyota, 48-year-old Jim Farley has been serving a variety of marketing roles since moving to Michigan three years ago.  He is currently group vice president of global marketing, while also running Ford’s operations in Canada, Mexico and South America.

In his new role, Farley drops operational responsibilities but he picks up the added duties of overseeing global sales and service.  Effective August 1, it will be the first time a single executive has handled all three operations on a global basis.

Your Inside Source!

At the same time, Eduardo Serrano, 50, will become executive director of all Ford Latin American operations.  He is currently president and CEO of Ford of Mexico.  Canadian operations will be handled by David Mondragon, currently president of Ford of Canada.

If there’s any significant surprise in today’s announcement, it’s that Stephen Odell will remain with Ford, taking over as chairman and CEO of Ford of Europe.  Since October 2008, the British-born executive had been president of Volvo Cars, the Swedish marque Ford is selling to the Chinese.


Change Coming for Volvo – But How Much?

Chinese owners certain to play with “new toy.”

by on Jan.18, 2010

Even after a takeover by Geely, models like the XC70 will remain the heart of the Volvo line-up, asserts CEO Stephen Odell.

Like a kid after Christmas, expect to see the Chinese automaker Geely “play” with its “new toy,” should its planned acquisition of Volvo Cars go through, said the Swedish maker’s top executive.

New production operations in China, as well as a Asian design and engineering center are most likely to follow Ford’s planned sale of its Volvo subsidiary, according to CEO Stephen Odell.  But the long-time Ford executive said he believes Geely will largely hold course with its new global brand.

Late last month, Ford confirmed long-standing rumors, revealing that it had reached agreement, “on all substantive terms,” with Zhejiang Geely Holding Group, one of the strongest and most ambitious of China’s independent automakers.

News, Reviews and More!

The proposed sale should be completed by the second quarter of this year, Odell predicted, during an interview with  The transfer would come at a critical time for Volvo, which has been hit hard, over the last several years, by the global recession and problems more particular to the brand.