NEW YORK (TheStreet) -- Ford Motor Co. (F) Executive Chairman Bill Ford said that the traditional car-making process started by his great-grandfather, Henry Ford, is "under severe threat" due to an increase in worldwide traffic gridlock, resulting from a rise in the number of the globe's population that are moving into large cities, Bloomberg reports.
Over the course of the next 10 years there will be a 25% to 50% growth in worldwide urban living, and in 25 years there will be 9 billion people living in cities, which exceeds the population of people living on Earth today, Bloomberg cited PricewaterhouseCoopers LLC as saying.
As a result of this possible worldwide gridlock, Ford announced that it will be reevaluating its auto-making objective and testing a range of alternative means of mobility across the world, Bloomberg noted.
Bill Ford said society would be burdened by an excessive number of cars, adding: "Where are we going to put them, where are we going to drive them? You cannot shove two cars in every garage in Mumbai. In fact, that's preposterous."
Shares of Ford are down -2.29% to $16.76 in early afternoon trading on Monday.
Separately, TheStreet Ratings team rates FORD MOTOR CO as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate FORD MOTOR CO (F) a BUY. This is driven by multiple strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its increase in net income, attractive valuation levels, growth in earnings per share, increase in stock price during the past year and notable return on equity. We feel these strengths outweigh the fact that the company has had generally high debt management risk by most measures that we evaluated."