We continue to work hard to restructure our business to achieve and maintain profitability, by delivering products customers want and value and by reducing our cost structure. Though this transition has been painful, it has begun to pay off. In 2010 and early 2011 we achieved some important results from our restructuring plan. For example:
- We exceeded our profitability expectations with an $8.3 billion pre-tax profit1 and generated $4.4 billion in Automotive operating-related cash flow. Every business segment reported a profit in 2010 and improved its results compared to 2009.
- We gained market share in the U.S. again in 2010, the first two-year consecutive increase since 1993. Our full-year market share was16.4 percent in 2010, up 1.1 points over 2009. Sales were up 19 percent compared to 2009, the largest sales percentage increase of any full-line automaker in the U.S.
- Sales gains in the U.S. were led by the Ford Fusion sedan, which saw a sales increase of 21 percent compared to 2009; the Ford Taurus, with sales up 51 percent compared to 2009; the Ford Edge, with sales up 34 percent compared to 2009; and the Ford F-series, with sales up 28 percent compared to 2009.
- In 2010 we discontinued production of the Mercury brand, in order to fully devote our financial, product development, production and marketing, sales and service resources toward further growing the core Ford brand while enhancing Lincoln. As part of this effort, we are planning to add seven all-new or significantly redesigned Lincoln models in the next three years, including the first-ever Lincoln C-sized vehicle.
- We also completed the sale of Volvo, to sharpen our focus on the core Ford brand around the world.
- In 2010, Ford reduced Automotive debt by $14.5 billion, or 43 percent, which will lower our annualized interest expenses by more than $1 billion.
- Ford ended 2010 with positive Automotive gross cash net of debt. Automotive gross cash exceeded debt by $1.4 billion, an improvement of $10.1 billion from year-end 2009.
- We are investing more than $2.5 billion in our U.S. plants, retooling them to build more fuel-efficient vehicles.
- We will be adding more than 7,000 jobs in our U.S. operations during 2011 and 2012.
- We are investing more than $1.7 billion in new plants and plant improvements to increase our production capacity in the Asia Pacific and Africa region.
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