Financial Health

In Europe, we are in the process of implementing our transformation plan as announced in late 2012. Our actions are designed to increase cost efficiencies, address manufacturing overcapacity, accelerate product development and introduction, and strengthen our brand. The Europe transformation plan continues to progress well and the business unit remains on track to achieve profitability in 2015. Read more about our European market.

We know that our long-term success will depend on our offering new types of mobility solutions that are increasingly sustainable and tailored to the unique needs of different regional markets. In 2013, along with Schaeffler, we demonstrated the Fiesta-based eWheelDrive car, a driveable research vehicle that could lead to improvements in urban mobility and parking by making possible smaller, more agile cars. Powered by independent electric motors in each of the rear wheels, eWheelDrive technology offers space under the hood that in conventional cars is occupied by the engine and transmission, and in electric cars by a central motor. This technology could in the future support the development of a four-person car that only occupies the space of a two-person car today. At the same time, eWheelDrive steering system designs could enable vehicles to move sideways into parking spaces – a potential breakthrough as cities become more populated and congested. Read more about our sustainable mobility strategy.

For a discussion of our global economic impact and financial health, please see the Financial Health section.