DETROIT, June 3, 2004; Reuters reported that Toyota Motor Corp. stripped Ford Motor Co. of its crown as the maker of America's best-selling car in 1997, and it may soon be gunning for its share of the lucrative full-size pickup truck market.
But Ford Chairman and Chief Executive Bill Ford Jr. said on Thursday that Toyota, which overtook his company last year as the world's second-largest automaker in terms of global sales, was "not invulnerable."
The Ford family -->scion<-- spoke at an investment conference sponsored by Sanford Bernstein in New York, where he was asked about Toyota's plans to open a new assembly plant late next year outside San Antonio, Texas, to build an all-new version of its Tundra pickup.
The truck, designed for American tastes and powered by a big V-8 engine, is expected to be a formidable competitor in the pickup segment and a vehicle that could put a ch!nk in the armor of Ford's F-150 pickup, a perennial best-seller that generates a major percentage of Ford's automotive profits.
Bill Ford said he had plans for the F-150 to counter anything from Toyota, suggesting his design and engineering teams were already working on a freshened or new model of the truck launched just last year.
He declined to elaborate but said Ford was keeping a close eye on Toyota and would not take any new competition lying down.
"Suffice it to say they have our attention," Ford said of the Japanese juggernaut, whose stock value of about $120 billion exceeds the combined worth of Ford, General Motors Corp. and DaimlerChrysler
"Just as they analyze us, and our potential strongholds and weakness, we do the same for them," Ford said.