In my most recent article for Seeking Alpha, I discuss the Lean production system approach adopted by Ford, the future income tax rate and the current valuation levels:

Summary

• Ford has partially executed a successful turnaround based on lean production principles.

• The operating business has improved a lot and the current shareholder has an increased margin of safety.

• However, the current valuations do not indicate much upside in the most likely scenario.

You can read the whole article in Seeking alpha.