Audio – No parades yet for Ford’s CEO
In a week where the U.S. financial system has been thrown for an enormous loop, Ford Motor Co Chief Executive Alan Mulally warned that it will be some time before the U.S. consumer feels free to spend, spend, spend.
Mulally, the leadoff speaker at this year’s Reuters Autos Summit said he expects until the end of 2009 or beginning of 2010 before the auto industry turns the corner.
The industry has found itself in the crosshairs of a number of problems this year. Many of these concerns — including the credit crunch and rising unemployment — were mentioned by Mulally in the attached audio clip.
He said that in order to work through all of the issues facing the U.S. consumer, time would be required.
Mulally was just the first of over 20 guests speaking at this year’s summit, which is again being held in Detroit and runs through Thursday.