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:
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.