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Jay Leno and Lee Iacocca reflect on 50 years of Ford Mustang

Lee Iacocca oversaw the birth of the Ford Mustang back in the 1960s, rocketing the new pony car nameplate into million-unit sales territory in its initial go-round and cementing its place in the history books. Thus, we were immediately drawn to this latest episode of Jay Leno's Garage, in which the funnyman hosts Iacocca for a look at the origins of Ford's most iconic sports car. The legendary auto exec is looking notably more frail than when we last saw him, but if we're being asked around as a video guest when we're 89 years old, we'll consider that evidence of a life well lived.
Serial No. 0001 is on hand for the occasion for Jay's romp through history, as is the historic Mustang 1 showcar from 1962. Of course, the all-new 2015 Ford Mustang GT (in prototype form) makes an appearance at the end of the episode with chief engineer Dave Pericak, as well. Get some, below.

Bill Ford augments his power by nearly doubling stake of supervoting shares

Bill Ford Jr. has more sway than ever over the automaker that bears his surname, as the great-grandson of Ford's founder has reportedly doubled is holdings of Class B Ford stock. According to a report from Reuters (which cites a newly discovered securities filing), he acquired some 3.7 million Class B shares from an unnamed family member.
Class B shares of Ford stock are held by descendants of Henry Ford and offer expanded voting power to their holders - Bill Ford Jr. now controls roughly 11.5 percent of the total Class B pool. Ford Jr. is also a one of five trustees that manage a voting trust that oversees the majority of these "supervoting" shares. In total, Reuters reports there are 71 million Class B shares that account for 40 percent of the voting power in the company, despite making up just 2 percent of the total volume of all Ford stock.
Ford Jr. served as Ford's CEO until 2006, when he stepped down to hire and make space for current CEO, Alan Mulally. The move to consolidate Ford family voting power, at least somewhat, is seen by many as a comforting sign with Mulally's departure from the company likely to happen in the next several years.

Ford to cease Australian automaking operations after 90 years

Ford began manufacturing cars in Australia in 1925 with the Model T. In 2016, Ford will stop manufacturing cars Down Under, including the Falcon and the Territory SUV. Ford Australia CEO Bob Graziano has reportedly confirmed the closure of the company's Broadmeadows assembly plant and the Geelong engine plant, both in the state of Victoria. There will be 650 jobs lost at Broadmeadows, 510 sacrificed at Geelong. Of the roughly 3,000 workers the Blue Oval has in Australia, it's said it will try to retain about 1,000 of them at its R&D and product development facilities.
The writing hasn't just been on the wall, it's been a regular item in all the papers and on Ford's bottom line for years. As recently as 2003, Ford sold nearly 75,000 Falcons, but over the next four years, annual sales dropped by something like 10,000 units, and over the last two years, it has sold less than 20,000 per year. It isn't only Ford that has suffered - sales of the other large, locally produced sedan, the Holden Commodore, have also gone over the precipice, triggering the same kind of angst about Holden's continued existence. Ford is the smallest of Australia's local automakers, Holden and Toyota the others, and has posted losses of $AUD141 million last year ($136M US) and $AUD600 million ($580M US) in the past five years. Graziano said the cost of manufacturing is simply too expensive in the country, twice as high as Europe and three times as high as Asia, and there no way to make a business case for staying in the country.
In January 2012, Ford Australia announced it would stay in the country until at least 2016, but by July of the same year, most outside observers were quietly declaring that 2016 would be the last year of Ford Down Under, and even the speculation was making other observers nervous. Ford received money from the Victorian government last year to aid its refresh of the Falcon and Territory, which will continue on schedule for the 2014 model year. A front- and all-wheel-drive sedan on a global platform is predicted to replace the Falcon, with some other SUV expected to replace the Territory. The company says it still intends to expand its lineup in the country.