Welcome to the Daily 5 report for Friday, May 30.
Bill Ford recently said Ford Motor Co.'s $2.5 billion electric vehicle battery factory in southwest Michigan would be "in peril" if it loses production tax credits as called for in proposed U.S. House legislation. Ford said he is not sure whether the tax credits for the Marshall plant will ultimately be protected.
The automaker's executive chairman made the remarks after an on-stage interview alongside his daughter and Ford board member Alexandra Ford English at Michigan's Mackinac Policy Conference, giving the world a unique look into the father-daughter dynamics in one of America's most famous family businesses.
Bill Ford, great-grandson of company founder Henry Ford, is the automaker's fourth leader named Ford in its more than 120-year existence. English was elected to the automaker's board of directors in 2021. She began her career in retail, working at Gap Inc. and Tory Burch. Even if she had wanted to jump straight from college to the automaker, her father wouldn't have allowed it. Bill Ford's rule is that family members cannot go right into the business.
"We cannot be a family employment agency," Ford said. "We want to make sure the young people that come into our company are incredibly well-qualified and motivated."
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English said the inspiration to work for the automaker started when her father would come home from work and talk to his family about his day. The family values and those of the company are one and the same, she said, making it a seamless cultural fit working for the automaker.
"Whenever he spoke about employees, it was always with deep respect, and that leaves an impression," English said. "I don't remember anything other than those values. It's all we know."
Volkswagen Group is another company trying to navigate through tough tariff waters, holding what it calls "fair" and "constructive" talks with the U.S. government. VW wants to make further investments in the country, CEO Oliver Blume told German newspaper Sueddeutsche Zeitung.
And finally, three stories you won't want to miss are Volvo's halting U.S. production, a dealership buy-sell piece featuring a former Automotive News All-Star and Jeep bringing back a classic nameplate.
That's it for now. Have a great weekend.
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— Wes Raynal, assistant web editor
