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Ford family keeps special voting rights

Ford Motor Company has a dual-class stock structure of Class A and Class B shares. The roughly three billion Class A shares are for the general public like you and me, while the roughly 71 million Class B shares are all owned by the Ford family. Each Class A share gets the shareholder one vote, each Class B share is worth 16 votes, the result being that Common Stock holders control about 60 percent of the company while the Ford family controls 40 percent even though it holds far fewer shares. The only way that could ever change would be if the Fords sell their Class B shares, but even so, Class B shares revert to Class A when sold outside the family, so they'd have to sell a whole bunch of them.
A contingent of Class A shareholders think the dual-class system is unfair, and for the past few years a vote's been held during the annual shareholders meeting to end it. It has failed every time, as it just did again during the meeting held this week. A smidge over 33 percent voted to end the dual system, outvoted by the 67 percent who are happy with the way Ford is going - unsurprising in view of a corporate turnaround that will be part of business-class curricula for years to come.
On the sidelines, Ford elected Ellen R. Marram to the post of independent director, the first woman to hold the job. The former Tropicana CEO and 20-year Ford board member replaces retiring board member Irvine Hockaday who helped bring Alan Mulally to the CEO position.

We compare 2021 Ford Bronco and Bronco Sport specifications to their ritzy Land Rover competiton

The 2021 Bronco and Bronco Sport are the spearheads for Ford's new 4x4 sub-brand, with the former taking the fight directly to the Jeep Wrangler and the latter providing Ford with a more rugged alternative to the Escape. We've already looked at how the new Bronco and Bronco Sport compare to their mainstream competition, but we'd like to see how the Bronco stacks up to another hotly anticipated returning nameplate: the Land Rover Defender.  Not to leave its little sibling in the cold, I decided to browse Land Rover's lineup and see what might be a suitable counterpoint to the Bronco Sport. For better or worse, I found an almost-perfect fit in the Range Rover Evoque. So, how do these new American 4x4s compare to the Old Country's more-expensive alternatives? Let's dig in, starting with the big boys.  As you might expect from the Bronco's robust credentials, it holds its own here against the more-expensive Brit. The Defender's higher price point brings along a good bit of power advantage with both engines, but that's to be expected. The Defender also has that trick adjustable-height suspension that the Bronco lacks, giving it an edge in practicality, and it can also tow quite a bit more.  On the flip side, there are quite a few advantages to going with the Ford, including a greater number of choices in terms of powertrain. The available manual transmission on four-cylinder Broncos is a nice bonus, for instance, as is the option of getting either the base 2.3-liter or the optional 2.7-liter engine with either wheelbase. The Defender is a bit more restrictive in this regard offering only the inline-six on the short-wheelbase model. As an added bonus, the Bronco is a convertible. That may not necessarily be a "plus" for all shoppers, but it's certainly an added bit of versatility (and potential appeal) the Defender lacks. And of course, the Bronco can be had for as little as $30,000, whereas the Land Rover starts at $50,000. Now, on to the less-rugged siblings. The specs here are actually a little tighter in most respects, but the powertrain story is almost identical. The Evoque checks in where the Bronco Sport tops out, and the Range Rover gets an optional high-output variant of the 2.0-liter turbocharged four.

Huge, pricey trucks haul jobs and profits for the Detroit Three

DECATUR, Texas — Mickey McMaster is on his 12th pickup truck. The 61-year old farm equipment dealer in Decatur, Texas, two weeks ago treated himself to a 2019 GMC Denali for around $69,000 — a reward for long hours at work. "For me this is the Cadillac of trucks, it's a real luxury vehicle," McMaster said. "I've worked my way up to afford a truck like this and it shows that I've earned it." McMaster is the kind of customer General Motors Co is banking on as it plans to add 1,000 jobs at a plant in Flint, Michigan that will build a new generation of its largest pickups. Demand from Texas and other heartland states for big pick-ups is providing a lifeline to many workers the No. 1 U.S. automaker is laying off at plants elsewhere. The Detroit Three automakers and thousands of their U.S. workers are counting on customers like McMaster to keep buying bigger and more luxurious pickup trucks even if overall U.S. vehicle demand weakens this year, as most analysts predict. At Flint, GM will build a new generation of its heavy-duty Chevrolet Silverado and GMC Sierras, including luxury models that are some of the most profitable vehicles on the planet. GM, Ford Motor Co and Fiat Chrysler Automobiles NV's Ram division own the segment and are each doubling down with new or redesigned models launching this year. Sales of heavy-duty pickups in the United States have grown to more than 600,000 vehicles a year, up more than 20 percent since 2013, according to industry data. Prices for luxury models can easily top $70,000. GM on Tuesday celebrated the launch of a new generation of heavy-duty GMC and Chevrolet pickups at the assembly plant in Flint, Michigan, that is now building all such trucks for the company. At the same time that GM is laying off thousands of U.S. workers and planning to shutter five North American factories, Flint is hiring. The plant runs on three daily shifts, six days a week. As the new model's assembly system ramps up, the plant's capacity will increase by more than 25 percent, plant manager Mike Perez told Reuters. The Flint plant plans to add 1,000 workers, more than half of the 1,500 factory workers who have asked to transfer from plants GM has targeted for shutdown as part of CEO Mary Barra's restructuring plan. "We're bringing in 50 to 100 people every week," said Perez. Workers last week were still finishing the job of retooling the Flint factory to build the new heavy-duty trucks as part of a $1.5 billion investment project.