‘Old wine in new bottle’ is what some might construe Ford Motor Company (NYSE:F)’s efforts at reviving its 1922-flagship brand Lincoln. However, if it’s current CEO Mark Fields’ words are anything to go by, the company is not just serious about re-launching this segment but is willing to pump in finance for it to be developed in accordance with contemporary needs too. In the words of Mark Fields –
“It’s really important for us to have a relevant and vibrant luxury brand. You need to make the investment and build this brand over time.”
With blessings from the company’s Executive Chairman Bill Ford as also its Board of Directors, the new CEO intends to ensure that the erstwhile dormant brand may finally see the light of the day, something that his predecessor Alan Mulally lacked the will or concern for.
To this effect, Ford Motor Company (NYSE:F) has appointed an engineer named Kumar Galhotra as the President for the project which will be dedicated to revamping and developing of Lincoln over the next five years to emerge as a premium model. In its new avatar, Lincoln will not only represent a deviation from its siblings but will also be representative of an epitome in architectural flexibility.
While the first few models are likely to be outcomes of redesigning and replacement, the later versions will feature a long wheel-base and more space within. This has been planned bearing in mind Chinese preferences since the Asian country features high on its list of potential markets. Currently, dominated by German makes, automobile market in China comprises of cars which cost more than 200,000 Yuan and hence seem lucrative to Ford Motor Company (NYSE:F).
Considering that Lincoln has sunk from Numero Uno in 1998 to eighth position in 2014, Fields and his team has an uphill task ahead of them, especially since the competition already enjoys a substantial lead. But $5 billion investment that Ford Motor Company (NYSE:F) is ready to make to revive its legendary brand could prove instrumental in restoring the legendary brand’s lost glory.
This article has been written by Vinita Basu.
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