Ford Motor Co. (F - Free Report) has announced that it has collaborated with the German Ford dealers association FHD GmbH and DB Rent GmbH (the company associated with Flinkster car sharing) for launching FORD2GO. FORD2GO is the first automotive manufacturer-backed, nationwide car sharing program in Europe.
FORD2GO will be implemented this year through Ford's German trade network including 527 Ford dealers, 257 affiliated branches and 1,083 Ford-authorized repair shops. This platform will provide an eco-friendly mobility solution.
Car sharing has gained its popularity particularly in dense urban areas where parking is problematic and public transport is not very suitable. Ford dealers in Germany will participate in this platform and will provide an easy access to customers for utilizing Ford vehicles.
In a survey conducted by a leading consulting firm, 56% preferred car sharing. Among them, 27% had an opinion that it will reduce travel costs, another 22% were convinced about the reduced impact it will have on the environment. The other 26% were attracted by the convenience of location and operating hours and the remaining 23% were impressed by the straightforward booking system.
Mich. based Ford is one of the largest automobile producers in the world. Currently, the company retains a Zacks Rank #4 (Sell). The automaker posted a robust 55.0% rise in earnings per share to 31 cents in the fourth quarter of 2012 from 20 cents in the same quarter of 2011 (all excluding special items). With this, the company has beaten the Zacks Consensus Estimate of 26 cents.
Net profit surged 55.7% to $1.2 billion from $797 million a year ago, driven by the impressive North American results and, to some extent, solid improvements in Asia Pacific Africa operations.
Total revenue grew 5.5% to $36.5 billion on a 7.5% rise in wholesale volumes to 1.5 million units. It was higher than the Zacks Consensus Estimate of $33.2 billion.
Few stocks that are performing well in the industry where Ford operates include Oshkosh Corporation (OSK - Free Report) , STRATTEC SECURITY CORPORATION and Gentherm Incorporated (THRM - Free Report) . Oshkosh and Strattec Security are Zacks Rank #1 (Strong Buy) stocks while Gentherm carries a Zacks Rank #2 (Buy).