Several members of environmental groups criticized Ford for depending too much on "gas-guzzling SUVs" and failing to keep its 1999 promise to improve the fuel economy of its sport utility vehicles and pickup trucks by 25 percent. But, Bill Ford said the automaker is going to release a hybrid electric version of its Escape SUV next year that will offer 35 to 40 miles per gallon (6.7 - 5.2 L/100 km) in the city, but the U.S. federal government needs to offer potential customers at least a USD$3,000 (CAD$4,050) tax credit to make the vehicle competitively priced.
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| Some environmental groups were on hand to criticize Ford on their "gas-guzzling SUVs", but Bill Ford announced the environmentally friendly Ford Escape Hybrid would be released next year. (Photo: Ford Motor Company) |
Ford Vice Chairman Carl Reichardt, who was overseeing the operations of Ford Credit, announced that he would be retiring. Reichardt was the former chairman and CEO of Wells Fargo & Co., and was brought onto the automaker's payroll in October 2001 by Bill Ford. This was one of Ford's moves to placate Wall Street for the ousting of Ford CEO and President Jacques Nasser nearly two years ago.
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| Bill Ford, Chairman and CEO, Ford Motor Company, welcomes his father, William Clay Ford Sr., retired Vice Chairman, Ford Board of Directors, who shared memories and personal stories with the crowd. (Photo: Ford Motor Company) |
- Also speaking at the shareholders meeting was William Clay Ford Sr., 78, the last of the three Ford brothers (Henry II and Benson) who helped lift the company out of its financial troubles following World War II. Telling a personal story to the crowd, Ford remembered how his grandfather taught him how to drive at age 10 on the grounds of Fair Lane, Dearborn. But, they had a misadventure when they drove out into the country and were pulled over doing about 70 miles per hour on a back road.
"It's a good thing the officer didn't ask for my grandfather's driver's license because to the best of my knowledge he didn't own one," said Ford Sr.