Delphi Wins Electric Power Steering Contract for Ford Escape Platform
First time Delphi EPS program for Ford to include Escape, Escape Hybrid and Mazda Tribute applications
Release Date: November 7, 2005
Troy, Mich. -- Delphi Corporation previously announced it had secured new North American electric power steering business and today confirms this business is with Ford Motor Company. Ford has sourced Delphi’s high performance, fuel-efficient Electric Power Steering (EPS) system for its best selling small SUV, the Ford Escape, which recently introduced Ford’s first hybrid. The 2008 model year platform also includes the Escape Hybrid and the Mazda Tribute. This marks the first time Delphi will provide its Electric Power Steering system to Ford.
“We currently supply steering columns and other steering components to Ford and are very pleased to add electric power steering--a fuel efficient, environmentally friendly technology,” stated Robert J. Remenar, president, Delphi Steering.
Remenar went on to explain higher gas prices, positive market reaction to vehicles with hybrid powertrains, and high domestic sales of trucks and SUVs driving OEM fleet CAFÉ ratings up are all factors that influence the need for technology that can help improve fuel economy on passenger vehicles.
“Beyond fuel economy, our EPS system helps improve a vehicle’s drivability through patented features like active returnability, active damping and continuously variable effort steering which enhance the driving experience,” stated Ron Voigt, business line director, steering systems.
Delphi has produced more than 3.5 million EPS units since its system was first introduced in Europe in 1999. Delphi’s applications in Europe today include five vehicles and the new Ford business takes Delphi’s U.S. applications up from three vehicles to six.
At Delphi, we help make cars safer, cleaner, more efficient, and fun to drive. For more information about Delphi, visit Delphi’s media room at www.delphi.com/media.
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This press release as well as other statements made by Delphi may contain forward-looking statements within the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 that reflect, when made, the Company’s current views with respect to current events and financial performance. Such forward looking statements are and will be, as the case may be, subject to many risks, uncertainties and factors relating to the Company’s operations and business environment which may cause the actual results of the Company to be materially different from any future results, express or implied, by such forward-looking statements. Factors that could cause actual results to differ materially from these forward-looking statements include, but are not limited to, the following: the ability of the Company to continue as a going concern; the ability of the Company to operate pursuant to the terms of the DIP facility; the Company’s ability to obtain court approval with respect to motions in the chapter 11 proceeding prosecuted by it from time to time; the ability of the Company to develop, prosecute, confirm and consummate one or more plans of reorganization with respect to the chapter 11 cases; risks associated with third parties seeking and obtaining court approval to terminate or shorten the exclusivity period for the Company to propose and confirm one or more plans of reorganization, for the appointment of a chapter 11 trustee or to convert the cases to chapter 7 cases; the ability of the Company to obtain and maintain normal terms with vendors and service providers; the Company’s ability to maintain contracts that are critical to its operations; the potential adverse impact of the chapter 11 cases on the Company’s liquidity or results of operations; the ability of the Company to fund and execute its business plan; the ability of the Company to attract, motivate and/or retain key executives and associates; and the ability of the Company to attract and retain customers. Other risk factors are listed from time to time in the Company’s SEC reports, including, but not limited to the annual report on Form 10-K for the year ended December 31, 2005 and its most recent quarterly report on Form 10-Q and current reports on Form 8-K Delphi disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Similarly, these and other factors, including the terms of any reorganization plan ultimately confirmed, can affect the value of the Company’s various pre-petition liabilities, common stock and/or other equity securities. No assurance can be given as to what values, if any, will be ascribed in the bankruptcy proceedings to each of these constituencies. Accordingly, the Company urges that the appropriate caution be exercised with respect to existing and future investments in any of these liabilities and/or securities.
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