Ford seeks 'completely new business model' to return to profitability

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Ford seeks 'completely new business model' to return to profitability

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The struggling US carmaker Ford is looking for ways out of its troubles.

They include putting luxury brands such as Aston Martin up for sale.

A British newspaper reported at the weekend that Aston Martin’s Chief Executive Ulrich Bez plans a management buyout of the company.

It has also been reported that any Ford plans to sell other parts of its Premier Automotive Group, such as Jaguar, are on hold

Chief Executive Bill Ford said last week that he was encouraged by recent achievements by Jaguar.

And Bill Ford has told Newsweek magazine he is impressed by Carlos Ghosn, the head of Renault and Nissan, and that he would consider stepping aside for a suitable new chief executive.

Ghosn, who saved Nissan from near bankruptcy, has said that he will only talk with Ford if his current discussions with General Motors go nowhere.

Bill Ford has admitted the company needs a completely new business model if it is to return to profitability.

Ford’s sales are slipping, they were down 12% in the US in August. Last year, Ford sold 6.7 million vehicles worldwide, putting it ahead of the combined Renault-Nissan and behind Toyota and General Motors.

Like General Motors, Ford has suffered falling sales in its core home market lately partly due to an over-reliance on gas-guzzling four wheel drives, which became less popular as fuel prices rose.