As part of Ford’s renaissance, they have been cutting costs and pumping money into research and development (R&D). It started in 2007, when current CEO Alan Mulally was hired. He immediately leveraged part of Ford in order to get $4 billion in operating costs, which he then sunk into R&D to bring Ford’s car offerings up to par with their foreign rivals.
The fruits of those labors are coming to fruition, with Ford’s Fusion taking Motor Trend’s Car of the Year award for 2010, and many other Ford cars being received well by American consumers. Another thing Mulally did was to begin selling off underperforming brands that Ford owned. First, Aston Martin was sold to a British conglomerate, and then Land Rover and Jaguar were sold to Tata Motors, an Indian company. Ford then sold its controlling interest in Mazda, and Volvo went up for sale.
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