Ellen Hughes-Cromwick
Ford Motor Company
Chief Economist
The automotive industry, if nothing else, stands for innovation, products for the people and a commitment to quality. At least, that is how we view it at Ford. We are one of the faces of globalization and all the potential it holds for consumers who want a choice of mobility and improvements in their standard of living.
The U.S. and other markets are undergoing significant changes in the automotive landscape, but in different ways. U.S. consumers are beginning to respond to several pressures in their choices of transportation, and we are trying to meet their demands head on. Demographic changes are adding to our commitment to embrace sustainable, viable economic activity during the next 20 years. Of course, we will confront inevitable trade-offs, as there are few, if any, zero-cost solutions to better outcomes for all.
At the same time, there has been a growing prosperity in many developing and emerging markets as they reach what many call the "take off" stage of economic development. Some of this has been achieved through internal progress on economic and social policies, as well as growth through the development and sale of products in the global marketplace. In today's world of pricey raw materials, we are all learning how precious these resources have become, and how important it is to view efficiency and conservation through ever more fine-tuned lenses.
No global player is excused from the drive toward these aspirations. An estimated 30 percent of the world's GDP is now comprised of emerging markets. Over the next decade, many of these countries' economies will "emerge" and mature, as they look for ways to reduce the amount of energy and other resources needed to improve the standard of living. As we all seek these solutions, we will discover new and more sustainable ways of providing the new and more sustainable products that people will choose.
Appropriate policies, technologies, and proper incentives will facilitate these dynamic forces during the next 20 years. This transition will bring forth innovations that no one can imagine today. And the goal of sustainability will be achieved with creativity harvesting a new reality.
Ellen Hughes-Cromwick
Chief Economist, Ford Motor Company
