Ford Comments on MPG, PepsiCo Loses Citadel Position: Consumer Business Recap
Ford Motor Company’s (NYSE:F) Chief Marketing Executive Jim Farley believes that the automotive industry should be more creative in regards to fuel economy claims, commenting that, “It’s becoming more important for us to be consumer-centric. I think people are interested in new claims. We’ll have to be more creative as an industry.” Fuel economy stats may be classified into two groups — a general “best-in-class” disclaimer for a particular automaker or with a specific number. Since Hyundai Motor Co. (HYMLF.PK) and its Kia Motors Corp. (KIMTF.PK) unit admitted that they exaggerated gas mileage claims by 1 to 6 miles per gallon for more than 1.1 million vehicles, many industry insiders are dubious about the strategy of promoting numbers only.
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Ken Griffin’s Citadel Investment Group sold out of its PepsiCo (NYSE:PEP) position during the third quarter and the latter had been one of Citadel’s biggest holdings at the beginning of July. Pepsi’s revenue and earnings slumped by 5 percent in the third quarter, while its arch-competitor The Coca-Cola Company (NYSE:KO) had actually expanded its business.
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