The real story at Ford is the institutional rot at the core of the company. The rot goes all the way back to the end of Mulallay's tenure, and perhaps starts in his last few years at the helm.
Since Mulally retired in 2014 this company has had 3 CEOs who were all hand picked by Bill Ford Jr. The first two, Fields and Hackett, were unmitigated disasters and the third, Farley, is a disaster in progress. All three CEOs have overseen a rapid decline in manufacturing quality -- the core competency of the company. In this same timeframe, cross-town competitor GM has had 1 CEO who has overseen a mostly stable tenure.
Why does turnover at the very top keep happening? Why can't the family appoint a qualified successor who is willing to take on the real problems at the core of the company? Both Hackett and Farley were wildly underqualified and were appointed despite the company having other capable leaders on the bench. Why did this happen twice in a row? In Farley's case, did it have anything to do with him promoting equally unqualified Ford family members to key roles in his organization prior to becoming CEO? Does the CEO contest boil down to a popularity contest with the Ford family who controls the special class of stock and has all the decision making power?
Since becoming CEO, why did Farley force a large number of experienced executives out of the company? Was there a power struggle before his appointment? Was he settling old scores? Did this take his eye off the ball when it came to the company's day to day management?
How long can Ford compete when it is unable to launch a new product successfully? How many more recalls can the company withstand before consumers start flocking to competing brands? How can the company possibly compete in the emerging EV market when it can't reliably produce ICE vehicles?
These are the questions the Detroit automotive press dares not take on. I imagine there is quite the story behind all these whys.