Restructuring Our Business
To compete more effectively in today’s global marketplace, and particularly in North America, we have been executing a plan to aggressively restructure our Automotive business to address the realities of lower demand, volatile fuel prices and the shifting model mix from trucks and large SUVs to more fuel-efficient vehicles. This restructuring includes right-sizing our production capacity, our workforce and our dealer network. We have worked closely with our partners in the UAW, our dealer network and the communities in which we operate to handle this transition responsibly and minimize the negative impacts of these changes.
Our restructuring efforts, though painful, have been highly successful. In 2010, we continued to build on momentum gained in 2009. We achieved full-year profitability that exceeded our expectations and improved performance in every business unit compared to 2009. We continued to reduce debt, becoming cash positive in 2011. We are also delivering best-in-class products that consumers want.
We have achieved these results by sticking steadfastly to our “ONE Ford” plan, which focuses on building a strong business, great products and a better world. The ONE Ford plan offers a detailed set of business objectives and systems for achieving those objectives, as well as a vision for delivering positive results for all our stakeholders, including our suppliers, our dealers and the communities in which we work.
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