Ford, GM Make No Warranty Moves, Shares Fall
Reuters reported July 10 that shares of General Motors and Ford fell after a Banc of America analyst downgraded both car makers, saying each would be forced to follow DaimlerChrysler's US move to a seven-year/70,000-mile powertrain warranty.
According to Reuters, analyst Ron Tadross lowered his rating on GM and Ford to "market performer" from "buy", and lowered his 2003 earnings estimates for both companies.
Tadross said Chrysler's offer of a seven-year or 70,000-mile warranty on its powertrains would help its market share, forcing GM and Ford to offer a similar program.
However, GM CEO Rick Waginer stated that his company has no plans to match the Chrysler Group warranty, the Detroit News said. The warranty "is not something we're thinking about right now," Wagoner told the Detroit News.
Ford will "continue to monitor the competition and respond with programs that are right for our customers and our shareholders," Ford division head Steve Lyons told the Detroit News.
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