It's not Automotive News, but it's info....
Alicia Boler Davis Named President Of Ford Pro
That person is Alicia Boler Davis, who comes into the role with over 30 years of experience in automotive, technology, and customer experience. Now, Davis will take over for Frick at the beginning of October, after spending 25 years at Ford’s cross-town rival, General Motors, among other companies. She started as a manufacturing engineer there and served in various leadership roles in manufacturing, quality, and connected customer experience, including executive vice president of global manufacturing and labor relations.
From today's Autoline Daily:
And what does Ford see coming for the future? It just took out a line of credit with JP Morgan Chase for $3 billion. Remember, this is a company that finished the first quarter with $20 billion in cash on hand and another $14 billion in liquid securities. And yet, it wanted to have access to another $3 billion. Of course, the best time to get a bank to approve a line of credit is when you don’t need it. But this probably means that Ford sees a flashing yellow icon on its dashboard and wants to be ready in case things start to go upside down.
Ford Opens $3 Billion Line Of Credit Amid Uncertain Market
According to CBT News, Ford has secured a $3 billion term loan credit agreement that’s being administered by JP Morgan Chase, but is otherwise divided between multiple lenders. The automaker stated that it made this move proactively as it works to give itself some financial flexibility and increase liquidity, which is key during these times of economic uncertainties. It would also help The Blue Oval better navigate a potential downturn in regard to demand for its products, which could happen if tariffs result in price increases over the coming months.
Such a move is nothing new, of course, as we just saw Ford take out an additional $4 billion dollar line of credit back in August 2023. At the time – when Ford was dealing with uncertain demand for EVs and negotiations pertaining to a new UAW contract – it noted that this gave the company “additional working capital flexibility on top of our already strong liquidity position to manage through a variety of uncertainties in the present environment. Especially over the last several years, we’ve been deliberate in maintaining a strong cash and total liquidity position so we can run the business as it is today and invest in the business that we envision.”