Abstract
We have accomplished a lot in the last hundred years. Find out more about where we came from and where we are headed. The paper is all about the history of the Ford Motor company and there their annual income statement with the profit and loss. In this paper we will discuss all the income statement of the company with in detail. Paper includes all the current offering products of the company which they are offering in the world with the different name and body style. They are offering in Gas, Hybrid, EcoBoost and Plug-In hybrid. it’s all about the energy source lets talk about the body style. Ford is famous for its Trucks they produce best truck in the market, beside this they also manufacture Sedan, Convertible, Hatchback and SUV& Crossover. They offer the commercial Vehicles as well.
HISTORY
The founder of the Ford motor company was the Henry Ford. Wo himself was the car racer and the first car were made by him in 1896 was known by the name of Quadricycle which was only with the two gear forward but no reverse. It was four horsepower engines without the steering wheel. It has a tiller instead of steering wheel.
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In 1903 the company was incorporated as the name of Ford Motor Company with number of 12 investors and 1000 shares. They had invested all the money they had $28000 and sold their 1st vehicle model A on 23th July 1903. They closed there October month with the profit of $37000.
The First international plat was established in Canada in 1904 which was used as a separate identity with its own shareholder it was also used to deal with the British market. Later in 1907 the ford logo was designed. In 1908 Ford introduces the new model T which was there one of the best model to be sold more then the 15million model Ts were sold it was more reliable and easy to maintain. It was the famous model of 1908 in the world. In the same year Ford open its 1st international sales branch on Paris.
With the passage of time company bring improvements in its assembly line and the bestselling model T assembly reduces from 12.5 hour to 1.5 hour. It helps the company to produce more car with less in cost, they also decrease the price for model T. Then the company increase the pay for its worker in 1914 $5 was doubled in their wages and working duration was reduced from 9 hours to 8 hours. It allows the company the company to have 3 working shifts instead of two and make the employees happy with increase in the pay and they put there best in the company. Then in 1917 Ford begins its River Rouge Complex which was helping to fulfill the industry need to manufacture the car like glass factory, steel mills. There were more than 100000 employees in the factory in 1930.
Ford motor introduces its 1st truck in 1917 with the name of model TT. Later in 1919 Edsel Ford succeeds the Henry Ford as a president of the company. Edsal was more focus on the luxury and the beautiful design of the car. With the successful period Ford acquired the Lincoln motor Company which was one of the producers of the luxury cars. Ford begins its 1st production of the Airplane. They launch their model A again in 1927 with the new logo, safety glass and many more with new features. More then five million model were sold.
In 1941 Ford manufactured the Jeep for the US military for the 1st time. The company produce the military items tanks, aircraft engine and many other things for the war, till the end of WW11 they had produced more then 8000 bombers. After the WW11 in 1942 the president of the Ford Edsel died in 1943. The new president of the company was the son of the Edsel and the grand son of the Henry ford, he remains the Chairman of the company from 1945 to 1960 and later he become the CEO from 1960 to 1979.
In 1949 ford introduces the new American style car, it was new with the V8 engine and it was the new model with the change of 1928 model A. then in 1954 the company made the more classic car with the porthole windows it was the classic car from the company of that time. Then the company design a new car in 1957 on the name of their former president Edsel in the united states but it was not the right time for the launch of that car but it was unique in its style. In 1959 company started to offer loan to the car buyers and for the car dealerships.
In 1965 company started to work in the field of electronic, they produce the computer systems and military systems. They also help NASA in the Apollo and Gemini space program by providing them with the transistors, sold-state device and microelectronics. They work for connecting the continents with the help of satellites, which is begin used even now a days. In 1966 for the first time on of the Ford model GT 40 won the race and they win same race consecutive for the 4 year from 1966 to 1969 with the different generations of the GT 40. For the 1st time Ford introduces the seat belt and self-adjusting in 1970.
1976 they introduce the 1st hatchback and the internationally front wheel drive it was at the top in the history of the company with the $870 million budget, plant was in Spain to manufacture the car and its sale was record sale in the history of the Ford. 1980 the Chairman was changed and he was the one who was not from the Ford family later become the CEO.
Company introduces the modular assembly line in 1986 at its plant in St. Louis, later these sub-assemblies were added into the main assembly line. In 1990 Ford launch its 1st SUV for the domestic use, for the family use. It was much better than the ford Bronco which was later discontinued in 1996. After the SUV success company introduces its new Sedan with the new style in Europe in 1993. In 1996 the company start working on the Electric Ford vehicle and launch more luxury SUV.
In 2003 the company celebrated its 100 year of success, here they offered limited production of their model T and in 2004 they introduce the GT premium which was the latest model of the GT40. In 2006 the CEO of the company was changed and there was on company in the Automobile who avoid receiving government bailout in US but the CEO of ford kept investing in the development so after the recovery of the economy they can lead the market with the new innovation in the auto industry in 2009 ford begin offering new turbo charged engine in its engine portfolio. It become the most popular in the US and abroad.
In 2014 company launch its 3rd generation truck in 2015 F 150 and later F-250. In the same year the CEO was changed and Mark Fields was the new CEO of the company, which later introduces the Ford Smart Mobility for the Ford members, it was basically for the autonomous vehicles in the snow. In 2016 the 50 year of GT 40 was celebrated by the company to remember the history of their proud model. In 2017 the CEO was changed and the new CEO was the member of board of director Jim Hackett.
Current products
There is vide range of the Ford Motor company, if we start talking about all the current products so it will take a lot of time, we will only focus some of the main and current portfolio of the company. Ford is offering in the four-power source Gas, EcoBoost, Hybrid and Plug-In Hybrid. In Gas model some of the Famous models are FIESTA, 2020 MUSTANG, 2020 FUSION and the 2020 MUSTANG SHELBY these are among the Sedan body style. Among these 2020 MUSTANG is one the convertible model of the company.
In Gas company have the Truck & Van and the famous are F-150, RANGER, and SUPER DUTY. In commercial company have STRIPPED CHASSIS, E SERIES CUTAWAY and many more. Then the company have Hatchback.
Ford have two model in the Hybrid 2020 FUSION and 2020 FUSION HYBRID is electrics. Company have a vide range in the EcoBoost which includes 2020 ECOSPORT, 2020 ESCAPE, and many mor e in the SUV & Crossovers. 2020 Ranger, 2020 F-150 in under the categories of Truck & Van. Then there is a list of the Car which are ECOBOOST those are 2019 FIESTA, 2020 FUSION and 2020 TRANSIT is under the Commercial use. At last company have Plug-In Hybrid vehicles which are 2020 FUSION and 2020 FUSION PLUG-IN HYBRID.
Revenue is the total income which is generated by the business, in this income statement total Revenue is $160,338,000,000 of the year 2018. Then the company have the total Cost of Sale, cost of sale is the total expense to prepare the product it is also known as cost of goods sold. Ford have cost of sale $ 136,269,000,000. When we minus the Cost of Sold from the Revenue then we will get the Gross profit. We have a total Gross profit is $ 24,069,000,000
Cost and Expense, then we have some of the Selling, administration and other expenses, operating and the interest which is $ 24,069,000,000. Selling and administration expense are those which are because of the sale of the product and the office employee’s salaries. Some of the other expenses are in the income statement $ 9,463,000,000. Here we will add all our expenses, our total expense is $ 20,866,000,000. Interest Expense on Auto debt $ 117,100,0000 and expense on the other Debt is $570,000,00. Total Interest expense is $ 122,800,0000.
Then the company have the some of the other income, the net other income is $ 22,470,000,00. Then there is some net income from the Affiliated companies which will be the income of the company, it is $ 123,000,000. Then the company have the total income before the Tax which is $ 4,345,000,000 now, we will minus the tax amount from the income to the Net income, income tax for the year is $ 650,000,000. Net income of the company is $ 3,695,000,000. Then there is some Non-controlling interest which will also be minus from the net income, it is $ 18,000,000. When we will minus it from the Net income and then we will get the Total income to the Ford which is $ 3,677,000,000.
Reference
- Anastakis, D. (2004). From independence to integration: The corporate evolution of the ford motor company of canada, 1904-2004. Business History Review, 78(2), 213-253.
- Rubinstein, J. (2005). Ford, 1903-2003: The european history. The Journal of Transport History, 26(1), 142-143.
- Wells, C. W. (2007). The road to the model T: Culture, road conditions, and innovation at the dawn of the american motor age. Technology and Culture, 48(3), 497-523.
- https://shop.ford.com/showroom/?gnav=header-all-vehicles#/
- FUNDAMENTAL ACCOUNTING PRINCIPLES, TWENTY-SECOND EDITION Published by McGraw-Hill Education, 2 Penn Plaza, New York, NY 10121
- FINANCIAL AND MANAGERIAL ACCOUNTING: INFORMATION FOR DECISIONS, SEVENTH EDITION Published by McGraw-Hill Education, 2 Penn Plaza, New York, NY 10121
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