Presentation Ford & Toyota

8/9/2019 Presentation Ford & Toyota

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COMPARATIVE ANALYSIS:COMPARATIVE ANALYSIS:

FORD MOTOR COMPANYFORD MOTOR COMPANYTOYOTA MOTOR CORPTOYOTA MOTOR CORP

dr Agata Kociadr Agata Kociabased on resentation b!:based on resentation b!:PA"E# OR$EC%O"SKI& MACIE' O("IT )

ANDR$E' *ENC$EK


2/40

FORD: t+e beginningFORD: t+e beginning

%enr! Ford designed +is ,irst -o.ing asse-b/!%enr! Ford designed +is ,irst -o.ing asse-b/!/ine in 0102/ine in 0102

33"+ee/s ,or t+e 4or/d56t+e -otto be+ind"+ee/s ,or t+e 4or/d56t+e -otto be+ind

o7/ari8ation o, carso7/ari8ation o, cars

Eac+ section o, t+e rod7ction rocess 4asEac+ section o, t+e rod7ction rocess 4asdi.ided into co-onent artsdi.ided into co-onent arts

Co-bination o, recision& contin7it!& and ,ast6Co-bination o, recision& contin7it!& and ,ast6aced bro7g+t t+e 4or/d 9 -ass rod7ctionaced bro7g+t t+e 4or/d 9 -ass rod7ction

In %ig+/and Par& Mode/ T rod7ction reac+edIn %ig+/and Par& Mode/ T rod7ction reac+edrecord /e.e/s& e.er! da! a car ca-e o, t+erecord /e.e/s& e.er! da! a car ca-e o, t+easse-b/! /ine e.er! ten secondsasse-b/! /ine e.er! ten seconds


3/40

TOYOTA: t+e beginningTOYOTA: t+e beginning

To!ota;s +istor! began at t+e end o, ti/eind7str!ind7str!

T4o !ears /ater& +e ,o7nded t+e co-an!T4o !ears /ater& +e ,o7nded t+e co-an!To!oda A7to-atic Loo- "orsTo!oda A7to-atic Loo- "ors

To!od! Saic+i=s son& Kiic+iro To!oda in.estedTo!od! Saic+i=s son& Kiic+iro To!oda in.ested0??&??? o7nds in t+e creation o, To!ota Motor0??&??? o7nds in t+e creation o, To!ota MotorCororation in 012@ TMCBCororation in 012@ TMCB

Saic+i To!oda recei.ed t+is -one! ,or se//ingSaic+i To!oda recei.ed t+is -one! ,or se//ingt+e atent rig+ts to an a7to-atic /oo-t+e atent rig+ts to an a7to-atic /oo-


4/40

FORDFORD

T+e ,o7rt+6/argest a7to-oti.e co-an! in t+e 4or/d in ter-s o,T+e ,o7rt+6/argest a7to-oti.e co-an! in t+e 4or/d in ter-s o,sa/essa/es

Se//s cars on continentsSe//s cars on continents Car *rands: Ford& Merc7r!& Linco/n and Vo/.oCar *rands: Ford& Merc7r!& Linco/n and Vo/.o

in Marc+ o, ?0? con,ir-ation o, sa/e o, ee/! A7to-obi/e %o/dings LtdBin Marc+ o, ?0? con,ir-ation o, sa/e o, ee/! A7to-obi/e %o/dings LtdB Since t+e -id61?=s Ford contin7a//! /oses signi,icance in t+eSince t+e -id61?=s Ford contin7a//! /oses signi,icance in t+e

A-erican -aretA-erican -aret O.er t+e sa-e eriod steadi/! increases its s+are in t+e E7roeanO.er t+e sa-e eriod steadi/! increases its s+are in t+e E7roean

-aret-aret Reasons ,or t+e ga bet4een t+e de.e/o-ent o, t+e brand in t+eReasons ,or t+e ga bet4een t+e de.e/o-ent o, t+e brand in t+e

GSG and E7roe:GSG and E7roe: +ig+ /abor costs in t+e GSG+ig+ /abor costs in t+e GSG +ig+ e>endit7re on +ea/t+care in t+e GSG+ig+ e>endit7re on +ea/t+care in t+e GSG strong trade 7nions in t+e GSG +ig+ ension co--it-entsBstrong trade 7nions in t+e GSG +ig+ ension co--it-entsB strong econo-ic gro4t+ in /o4er co-b7stion carsstrong econo-ic gro4t+ in /o4er co-b7stion cars


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TOYOTATOYOTA

T+e biggest car-aer in t+e 4or/d in ??1T+e biggest car-aer in t+e 4or/d in ??1-ore t+an @GH -i//ion carsB-ore t+an @GH -i//ion carsB

Main -arets are 'aan and Nort+Main -arets are 'aan and Nort+A-erica& b7t recent/! 4e can see a strongA-erica& b7t recent/! 4e can see a stronggro4t+ in Asian and So7t+ A-ericagro4t+ in Asian and So7t+ A-erica-arets-arets

To!ota +as t+ree brands: To!ota& Le>7sTo!ota +as t+ree brands: To!ota& Le>7sand Scionand Scion


6/40

FORD: -ore econo-icFORD: -ore econo-ic

Do-inance o, /arge cars: SVs& Pic 7sDo-inance o, /arge cars: SVs& Pic 7s Raid ,/7ct7ations in oi/ rices and /egis/atorsRaid ,/7ct7ations in oi/ rices and /egis/ators

stri.ing to red7ce cons7-tion o, -ateria/s /edstri.ing to red7ce cons7-tion o, -ateria/s /edto reorgani8ationto reorgani8ation

Restr7ct7ring o, t+e t+ree rod7ction /ines ,orRestr7ct7ring o, t+e t+ree rod7ction /ines ,orrod7ction o, -ore econo-ic -ode/s in E7roerod7ction o, -ore econo-ic -ode/s in E7roeMondeo& Foc7s etcGBMondeo& Foc7s etcGB in s+ort6r7n -ini-i8ation o, costsin s+ort6r7n -ini-i8ation o, costs

/ti-ate/!& Ford intends to -ae engines in a///ti-ate/!& Ford intends to -ae engines in a//t+eir -ode/s to be -ore econo-ica/t+eir -ode/s to be -ore econo-ica/

In ??1 to -aret 4ere introd7ced ,o7r +!bridIn ??1 to -aret 4ere introd7ced ,o7r +!brid-ode/s based on tec+no/og! /eased ,ro- To!ota-ode/s based on tec+no/og! /eased ,ro- To!ota


7/40

FORD: +!brid tec+no/og!FORD: +!brid tec+no/og!

C7rrent/!& Ford +as ,o7r +!brid -ode/sC7rrent/!& Ford +as ,o7r +!brid -ode/s Ford Foc7s %!brid is a direct t+reat to so ,ar t+e -ostFord Foc7s %!brid is a direct t+reat to so ,ar t+e -ost

o7/ar Pri7s +!brid /ine o, To!otaBo7/ar Pri7s +!brid /ine o, To!otaB

In ?0?& t+e co-an! /ans to send anIn ?0?& t+e co-an! /ans to send anadditiona/ JH? -i//ion to de.e/o e/ectric -otorsadditiona/ JH? -i//ion to de.e/o e/ectric -otors

*! ?0& Ford 4ants to rod7ce o4n +!brid*! ?0& Ford 4ants to rod7ce o4n +!bridtec+no/og! and /7g6instec+no/og! and /7g6ins Ford +as in.ested -ore t+an HH? -i//ion inFord +as in.ested -ore t+an HH? -i//ion in

restr7ct7ring its -an7,act7ring ,aci/it! in Mic+iganrestr7ct7ring its -an7,act7ring ,aci/it! in Mic+igan

"+at i, t+e -aret c+ooses a di,,erent at+"+at i, t+e -aret c+ooses a di,,erent at+


8/40

TOYOTA: +!brid tec+no/og!TOYOTA: +!brid tec+no/og!

To!ota as one o, t+e ,irst ones started a +!bridTo!ota as one o, t+e ,irst ones started a +!bridcars rod7ction /ine inc/7ding /easing itscars rod7ction /ine inc/7ding /easing itstec+no/og! to FordBtec+no/og! to FordB

At resent& +!brid To!ota 6 Pri7s /ine& reresentsAt resent& +!brid To!ota 6 Pri7s /ine& reresentsaro>i-ate/! @2 o, a// +!brid .e+ic/es so/d inaro>i-ate/! @2 o, a// +!brid .e+ic/es so/d int+e GSGt+e GSG

So ,ar in t+e GSG To!ota so/d t+e 0&???&???So ,ar in t+e GSG To!ota so/d t+e 0&???&???+!brid cars+!brid cars

In addition& To!ota anno7nced its intention toIn addition& To!ota anno7nced its intention to-an7,act7re e/ectric cars 4it+ /it+i7-6ion-an7,act7re e/ectric cars 4it+ /it+i7-6ionbatteries 3To!ota P/7g6%V5batteries 3To!ota P/7g6%V5


9/40

FORD: ONE FORDFORD: ONE FORD

Desite t+e .er! /arge a-o7ntDesite t+e .er! /arge a-o7nto, cars rod7ced& so ,ar Fordo, cars rod7ced& so ,ar Ford+as deri.es s-a// econo-ies+as deri.es s-a// econo-ieso, sca/e b! a/!ing ao, sca/e b! a/!ing asearate& indeendentsearate& indeendent

tec+no/ogies and -ode/s ,ortec+no/ogies and -ode/s ,orE7roean& S and de.e/oingE7roean& S and de.e/oing-arets-arets

33One Ford5 9 c+angedOne Ford5 9 c+angedaroac+aroac+ Ford -o.es t+e e-+asis toFord -o.es t+e e-+asis to

7ni.ersa/ -ode/s ,or 7se in7ni.ersa/ -ode/s ,or 7se indi,,erent regions o, t+e 4or/ddi,,erent regions o, t+e 4or/dt+e ,irst 4or/d car6ne4 Fordt+e ,irst 4or/d car6ne4 FordFiestaBFiestaB


10/40

FORD: 4rong sa/es -ode/FORD: 4rong sa/es -ode/

Fro- t+e 1?s Ford +as created de-andFro- t+e 1?s Ford +as created de-and sa/es on insta//-ents 4it+o7t interest c+argedsa/es on insta//-ents 4it+o7t interest c+arged disco7ntsdisco7nts ro-otions co-bined 4it+ a /oanro-otions co-bined 4it+ a /oan

Ford e>cetiona//! strong s7,,ered ,ro- a crisis on a rea/Ford e>cetiona//! strong s7,,ered ,ro- a crisis on a rea/estate -aretestate -aret in recent !ears& sa/es in t+e GSG 4ere strong/! associated 4it+in recent !ears& sa/es in t+e GSG 4ere strong/! associated 4it+

t+e roert! -arett+e roert! -aret it is esti-ated t+at in Ca/i,ornia& 2? o, car 7rc+ases +as beenit is esti-ated t+at in Ca/i,ornia& 2? o, car 7rc+ases +as been

,inanced 4it+ a -ortgage,inanced 4it+ a -ortgage Fee/ing t+e e,,ects o, t+is aroac+& Ford began toFee/ing t+e e,,ects o, t+is aroac+& Ford began to

c+ange strateg!c+ange strateg! /ess e-+asis on creating de-and/ess e-+asis on creating de-and e-+asis on 7a/it! and sa,et!e-+asis on 7a/it! and sa,et!


11/40

FORD: de.e/oing -aretsFORD: de.e/oing -arets

Ford is -ain/! engaged in t+e A-erican -aret&Ford is -ain/! engaged in t+e A-erican -aret&4+ic+ s/o4/! begins to /ose its attracti.eness4+ic+ s/o4/! begins to /ose its attracti.eness

Ford=s tas no4 is to de.e/o a 7ni.ersa/ /ine ,orFord=s tas no4 is to de.e/o a 7ni.ersa/ /ine ,or

7se in e.er! co7ntr! E7roean Ford Fiesta in7se in e.er! co7ntr! E7roean Ford Fiesta int+e GSG& Ford Transit Van in AsiaBt+e GSG& Ford Transit Van in AsiaB

"+et+er e7roean car -ode/s 4i// be aea/ing"+et+er e7roean car -ode/s 4i// be aea/ing

to c/ients in India or *ra8i/ deends t+e ,7t7re o,to c/ients in India or *ra8i/ deends t+e ,7t7re o,Ford in t+e /ong ter-GFord in t+e /ong ter-G


12/40

TOTOTA: 4it+dra4a/ o, -ode/sTOTOTA: 4it+dra4a/ o, -ode/s

Se.era/ serio7s ,/a4s in t+e -ode/s +as signi,icant/! +7rtSe.era/ serio7s ,/a4s in t+e -ode/s +as signi,icant/! +7rtTo!ota=s i-ageTo!ota=s i-age in ??1& t+e co-an! +ad to 4it+dra4 ,ro- t+e -aret 2G -i//ionin ??1& t+e co-an! +ad to 4it+dra4 ,ro- t+e -aret 2G -i//ion

.e+ic/es d7e to t+e acce/eration s!ste- ,/a4.e+ic/es d7e to t+e acce/eration s!ste- ,/a4

In t+e s+ort ter-:In t+e s+ort ter-: it is esti-ated t+at d7e to de,ects and 4it+dra4a/s To!ota -ode/sit is esti-ated t+at d7e to de,ects and 4it+dra4a/s To!ota -ode/s

s7,,ered /osses o, 2 bi//ion in ?0?s7,,ered /osses o, 2 bi//ion in ?0? o.er t+e ast !ear& t+ro7g+o7t t+e 4or/d o.er 1 -i//ion .e+ic/eso.er t+e ast !ear& t+ro7g+o7t t+e 4or/d o.er 1 -i//ion .e+ic/es

+a.e been 4it+dra4n+a.e been 4it+dra4n ,or consideration -ore t+an 2? /a4s7its are 4aiting,or consideration -ore t+an 2? /a4s7its are 4aiting

In t+e /ong ter-:In t+e /ong ter-: c7rrent crisis +as signi,icant/! +7rt t+e re7tation o, t+e co-an!c7rrent crisis +as signi,icant/! +7rt t+e re7tation o, t+e co-an! co-etition +as 7sed 4e// C+r!st/er& Ford and %ondaco-etition +as 7sed 4e// C+r!st/er& Ford and %onda

+asorgani8ed t+e ro-otions& gi.ing disco7nt on a ne4 car ,or+asorgani8ed t+e ro-otions& gi.ing disco7nt on a ne4 car ,orc7sto-ers 4+o got rid o, t+e o/d To!otaBc7sto-ers 4+o got rid o, t+e o/d To!otaB


13/40

TOYOTA: t+e ,7t7reTOYOTA: t+e ,7t7re

Car Sa/es in +ig+/! de.e/oed co7ntries 4i// ,a// andCar Sa/es in +ig+/! de.e/oed co7ntries 4i// ,a// andre-ain at /o4 /e.e/sre-ain at /o4 /e.e/s -aQorit! o, cons7-ers= de-and is a/read! satis,ied-aQorit! o, cons7-ers= de-and is a/read! satis,ied re/ati.e/! /o4 econo-ic gro4t+re/ati.e/! /o4 econo-ic gro4t+

T+e biggest o7t/a!s directed on e-erging -aretsT+e biggest o7t/a!s directed on e-erging -arets-ain/! *ra8i/& R7ssia& India& C+ina *RICB co7ntries-ain/! *ra8i/& R7ssia& India& C+ina *RICB co7ntries To!ota ear/ier t+an ot+er co-anies in t+e sector began to in.estTo!ota ear/ier t+an ot+er co-anies in t+e sector began to in.est

in t+e de.e/o-ent o, aroriate in,rastr7ct7re and brandin t+e de.e/o-ent o, aroriate in,rastr7ct7re and branda4areness in t+e abo.e co7ntriesa4areness in t+e abo.e co7ntries

in ??1 To!ota anno7nced t+e beginning o, -otor .e+ic/ein ??1 To!ota anno7nced t+e beginning o, -otor .e+ic/erod7ction in India t+e co-an! To!ota Kir/osarBrod7ction in India t+e co-an! To!ota Kir/osarB

in ?0? To!ota /ans to rod7ce 0??&??? cars in t+e ne4 ,actor!in ?0? To!ota /ans to rod7ce 0??&??? cars in t+e ne4 ,actor!oened in Indiaoened in India


14/40

TOYOTA:TOYOTA:trends and e>ectations 0Btrends and e>ectations 0B

'aan'aan in.esting in /7>7r! brands Le>7sBin.esting in /7>7r! brands Le>7sB

in 011? 0? o, 'aan;s o7/ation 4as o.er H !ears& in ??& t+e n7-berin 011? 0? o, 'aan;s o7/ation 4as o.er H !ears& in ??& t+e n7-bers7ose to do7b/es7ose to do7b/e

o/der societ! sa.es -ore and raises t+e de-and ,or -ore /7>7r! goodso/der societ! sa.es -ore and raises t+e de-and ,or -ore /7>7r! goods

SASA co//ase o, t+e rea/ estate -aretco//ase o, t+e rea/ estate -aret

strengt+ o, rea/ estate -aret +as a/4a!s been re/ated to car -aretstrengt+ o, rea/ estate -aret +as a/4a!s been re/ated to car -aretbeca7se cons7-ers o,ten ,7nd t+e 7rc+ase o, car 4it+ a -ortgage o4edbeca7se cons7-ers o,ten ,7nd t+e 7rc+ase o, car 4it+ a -ortgage o4ed

stagnation in credit -aret 4i// red7ce de-and ,or ne4 carsstagnation in credit -aret 4i// red7ce de-and ,or ne4 cars de-and ,or green tec+no/ogiesde-and ,or green tec+no/ogies

oi/ rices are rising& res7/ting in increased de-and ,or cars %!brid Pri7soi/ rices are rising& res7/ting in increased de-and ,or cars %!brid Pri7s

-ode/B-ode/B in Dece-ber o, ??@G GSG go.ern-ent assed a /a4 re7iring t+e carin Dece-ber o, ??@G GSG go.ern-ent assed a /a4 re7iring t+e car-an7,act7rers to red7ce t+e co-b7stion o, 7 to 2H -g ,or cars& tr7cs and-an7,act7rers to red7ce t+e co-b7stion o, 7 to 2H -g ,or cars& tr7cs andSVs 9 To!ota&SVs 9 To!ota&t!ica//! rod7ces s-a//& econo-ica/ cars and its standards are a/read!t!ica//! rod7ces s-a//& econo-ica/ cars and its standards are a/read!satis,! ne4 re7ire-entssatis,! ne4 re7ire-ents


15/40

TOYOTA:TOYOTA:trends and e>ectations Btrends and e>ectations B

SASA +!brid /egis/ation+!brid /egis/ation

SA introd7ces ne4 /a4 to enco7rage de.e/o-ent o, +!bridSA introd7ces ne4 /a4 to enco7rage de.e/o-ent o, +!bridtec+no/ogiestec+no/ogies

at resent& 4+en b7!ing a car !o7 can co7nt on t+e +!bridat resent& 4+en b7!ing a car !o7 can co7nt on t+e +!bridta> re/ie, o, 7 to 2&J??& deending on t+e a-o7nt o, carta> re/ie, o, 7 to 2&J??& deending on t+e a-o7nt o, carsa/es t+e -ore cars t+e co-an! se//s t+e s-a//er t+esa/es t+e -ore cars t+e co-an! se//s t+e s-a//er t+eded7ction B 9 t+e ai- is to s7ort co-anies desiring toded7ction B 9 t+e ai- is to s7ort co-anies desiring toenter t+e -aret 4it+ +!brid tec+no/og!enter t+e -aret 4it+ +!brid tec+no/og!

"or/d Maret"or/d Maret de-and ,or cars 4i// deend on t+e trend in oi/& stee/de-and ,or cars 4i// deend on t+e trend in oi/& stee/

and a/7-in7- ricesand a/7-in7- rices


16/40

FORDTOYOTA:genera/ data in -/nB


17/40

TOYOTA: rod7ction in 0???sBTOYOTA: rod7ction in 0???sB


18/40

FORDTOYOTA: sa/es in 0???sB


19/40

Ris ,actors


20/40

FORDFORD

Ford is e>osed to .ario7s inds o, ris not on/! to t+eFord is e>osed to .ario7s inds o, ris not on/! to t+e-aret ris-aret ris c7rrenc! ris& co--odit! rice c+anges& interest rate ris&c7rrenc! ris& co--odit! rice c+anges& interest rate ris&

,inancing ris& ris o, e>traordinar! e.ents are Q7st so-e o, t+e,inancing ris& ris o, e>traordinar! e.ents are Q7st so-e o, t+e

-ost i-ortant inds o, ris resent-ost i-ortant inds o, ris resent

ris o, /oss o, /i7idit!: +edge against it b! sa/e o, recei.ab/esris o, /oss o, /i7idit!: +edge against it b! sa/e o, recei.ab/essec7riti8ationB& iss7e o, debt and ban /oanssec7riti8ationB& iss7e o, debt and ban /oans

ins7rab/e riss: t+e /oss da-ageB o, roert!& ci.i/ /iabi/it! 9ins7rab/e riss: t+e /oss da-ageB o, roert!& ci.i/ /iabi/it! 9co-anies ins7re t+e-se/.es ri.ate/!co-anies ins7re t+e-se/.es ri.ate/!

t+e! 7se deri.ati.es to +edge 9 c7rrenc!& interest rate or c+anget+e! 7se deri.ati.es to +edge 9 c7rrenc!& interest rate or c+angein co--odit! rices ris 9 b! ,or4ards& s4as& otionsin co--odit! rices ris 9 b! ,or4ards& s4as& otions

does not 7se deri.ati.e to sec7/atedoes not 7se deri.ati.e to sec7/ate


21/40

TOYOTATOYOTA

To!ota is e>osed to riss arising ,ro-:To!ota is e>osed to riss arising ,ro-: c+anges in e>c+ange ratesc+anges in e>c+ange rates interest ratesinterest rates a.ai/abi/it! o, -ateria/sa.ai/abi/it! o, -ateria/s

c+anges in rices o, -ateria/sc+anges in rices o, -ateria/s Instr7-ents 7sed to rotect:Instr7-ents 7sed to rotect:

,or4ard contracts,or4ard contracts c7rrenc! and interest rate otionsc7rrenc! and interest rate otions s4ass4as

n,ort7nate/!& To!ota does not rotect itse/, ,ro- ricen,ort7nate/!& To!ota does not rotect itse/, ,ro- ricec+anges and c+anges in s7/! o, -ateria/sc+anges and c+anges in s7/! o, -ateria/s on/! rotection is to -aintain reser.es o, so-e -ateria/son/! rotection is to -aintain reser.es o, so-e -ateria/s


22/40

TOYOTA: c7rrenc! risTOYOTA: c7rrenc! ris

To!ota sett/es its in.oices in 'aanese !en 4+ic+To!ota sett/es its in.oices in 'aanese !en 4+ic+increases its c7rrenc! risincreases its c7rrenc! ris

C+anges in e>c+ange rates re,/ect .er! strong/!C+anges in e>c+ange rates re,/ect .er! strong/!on co-an! res7/tson co-an! res7/ts c+ange in t+e do//ar6!en e>c+ange rate o, 0 4i//c+ange in t+e do//ar6!en e>c+ange rate o, 0 4i//

c+ange re.en7es b! abo7t J -i//ionc+ange re.en7es b! abo7t J -i//ion To!ota rotect itse/, ,ro- ris 4it+ t+e +e/ o,To!ota rotect itse/, ,ro- ris 4it+ t+e +e/ o,

s4as and ,7t7ress4as and ,7t7res

Desite t+is& t+e co-an! is 7nab/e to rotectDesite t+is& t+e co-an! is 7nab/e to rotectitse/, ,ro- a ,a//ing de-and ,or e>orts o,itse/, ,ro- a ,a//ing de-and ,or e>orts o,'aanese cars d7e to a c+ange in e>c+ange'aanese cars d7e to a c+ange in e>c+angeratesrates


23/40

Ratio ana/!sis


24/40

Li7idit! ratios 0BLi7idit! ratios 0B


25/40

Li7idit! ratios BLi7idit! ratios B


26/40

Debt ratioDebt ratio


27/40

T7rno.er ratios 0BT7rno.er ratios 0B


28/40

T7rno.er ratios BT7rno.er ratios B


29/40

T7rno.er ratios 2BT7rno.er ratios 2B


30/40

Pro,itabi/it! ratios 0BPro,itabi/it! ratios 0B


31/40

Pro,itabi/it! ratios BPro,itabi/it! ratios B


32/40

Pro,itabi/it! ratios 2BPro,itabi/it! ratios 2B


33/40

Maret .a/7e ratios 0BMaret .a/7e ratios 0B


34/40

Maret .a/7e ratios BMaret .a/7e ratios B


35/40

Maret .a/7e ratios 2BMaret .a/7e ratios 2B


36/40

Cas+ ,/o4 ana/!sisCas+ ,/o4 ana/!sis


37/40

S"OT ana/!sis


38/40

FORDFORD


39/40

TOYOTATOYOTA


40/40

T+an !o7 ,or !o7r attention

Documents

Presentation Ford & Toyota