Writing a Business Formal Report (Essay Sample)

Ford Motor Company Students name Institution Course Tutor Date Ford Motor Company Ford Motor Company is among the oldest motor vehicle companies globally. The company brought innovative approaches to mass production, which were essential during industrialization. The main function of Ford Company is to design, manufacture, and provide services for vehicles (Sanci et al., 2022). The company is majorly in the auto manufacturing industry. The company was established in 1903 by Henry Ford. Henry, the founder, transformed the automobile and the role of transportation. In more than 100 years of its operations, the company has transformed many people's lives since it has created employment for many people. The company's main mission is to enhance people's lives through easing movements. Ford Motor Company's main products are vehicles comprising utility and electrification. The company also sells its accessories to only authorized dealers and offers extended service contracts. The company had an annual revenue of approximately $180 billion in 2023, which showed a 12% increase from the previous financial year. Nevertheless, the company has had a positive growth in its revenue for the past three years. The company is currently operating on a profit margin of 4.5%. The company reported the outcome of the third quarter earnings, where the company provided a report of collected revenue to be $ 43000 million, compared to the previous one provided to be $ 39000 million the previous year. The company's net income was reported to be $ 1,200 million, which increased from the $800 million the previous year (Ferrigno, Zordan & Di Minin, 2022). The company's net income was $ 4800 million, which significantly improved compared to the previous year's net loss, which amounted to $3200 million. The company faces stiff competition from its main competitors from other countries like Toyota, Tesla, and Tata. However, the company continues to innovate to maintain its competitive edge. The company is also encountering hurdles in incrementing the prices of raw materials, which is highly affecting the cost of production and the profit margin. The company also lacks focus on performance and productivity based on diversified operations in different geographical areas. The company is also trying to cope with the opportunities that come its way. The company is moving towards adopting the technology in its operations and incorporating it into its new products. The company can manufacture vehicles that operate on different forms of energy. Thus, they will have more ways to manufacture eco-friendly vehicles (Higgins et al., 2020). The company still has the opportunity to increase its market since it is working to enter the Indian market, which still has excellent opportunities that will increase its customer base. The company also has an opportunity to explore its digital advertising skills, which will increase its reputation, especially in third-world countries showing potential growth. Ford Motor is an automotive company that manufactures and designs full-line vehicles. It offers its customers and distributors...