Ford has announced an increase in market share in the US as the founding family reiterated its emotional commitment to the business. Despite the economic slowdown, the family-controlled carmaker managed to boost US market share to 18% in June, an increase on the 14.6% for the same time last year.
And in an interview with the New York Times, chairman William C Ford, great-grandson of founder Henry Ford, said: "The last thing this company needs at this point is for the family to be difficult, and rather than splinter we have pulled together."
Ford is controlled by 35 family members who between then own a 40% controlling share of the company. William Ford is one of five family members on the payroll, which includes three fifth-generation cousins continuing the direct family involvement in the business. The company recorded revenues of $146.2 billion in January 2009 although they also announced losses of $14.6 billion for 2008.
Despite facing extremely tough trading conditions, the Ford family would never envision selling out. "If this were just a financial investment, the family would probably have been out of it years ago, but this is very much an emotional commitment," said Ford.
The company's non-family CEO also highlighted the stabilising role of the family throughout the financial crisis. "These people are so steadfast. They believe in this company so much," said Alan Mulally.