Ford rolls out strong message for America while outlining cost-cutting for shareholders

Posted at 6:17 PM, May 14, 2020
and last updated 2020-05-14 18:17:57-04

(WXYZ) — Ford will be running new TV ads with a strong message as America reopens for business that says we’re here, and we’re supporting people fighting through the COVID-19 pandemic.

The ads also show how Ford has made ventilators, masks and face shields while auto production has been shutdown for two months. Ford is reopening manufacturing plants here in Michigan and other states starting on Monday.

Chairman Bill Ford told shareholders today during the annual meeting held over a video conference that the top 300 executives will take a salary diversion of 20% to 50% over five months and he will defer all of his salary during the same time.

Ford also says this is the 6th crisis he’s been through since being Chairman.

Looking forward, Ford says they are not slowing down on the development of electrified vehicles and they will have the strongest line ever out this year.

President and CEO Jim Hackett says they’ve reduced costs, preserved cash and suspended stock dividends during the worldwide shutdown of the auto industry. He noted Ford has reopened plants in Asia and Europe with safety protocols that will be in place here in the US.

Hackett says they won’t know the economic fallout for some time and they are mindful of another possible outbreak.