The Ford Motor Company celebrated its centenary this week and used its annual meeting to dismiss speculation "that it might be among Detroit car makers vulnerable to bankruptcy in the next several years by saying it had enough cash to survive 'no matter what the world throws at us' " (Financial Times). Ford shares rose 26 cents (15p) on Monday afternoon following the bullish declaration of health.

The company has been engaged in a large-scale restructuring campaign over the past 18 months, resulting in widespread cuts. "Ford has a cash pile of about $26bn (£15bn) and has improved cashflow over recent quarters," said the FT. "But, like its Detroit rivals, it faces massive retiree pension and healthcare liabilities."

In fact, said Daniel F Becker in the Los Angeles Times, the company had no cause to be crowing. "The Model T got better gasoline mileage than the average Ford vehicle sold today, and the company is rapidly losing market share to foreign competitors who have made modern gas-saving technology a priority." Becker accused the company's chief executive, Bill Ford, of failing to act on his promises to make Ford "part of the solution" to environmental problems, at a high cost to his company.

"If Ford is to go on creating jobs for its workers and generating profits for its shareholders, it badly needs to start producing vehicles that use available technology to go much further on a gallon of gas," said Becker. "Turning an enormous, traditional 20th-century company into an innovative, 21st-century trailblazer isn't something that can be done overnight or without significant internal resistance. But with committed and energetic leadership, it can be accomplished."

There may be other troubles ahead, too, warned the Wall Street Journal. Western European car registrations dropped by 5% in May, following a 6.5% fall in April, it reported. "The European slide is particularly ill-timed for Ford and GM," said the paper. "Both auto giants lost hundreds of millions of dollars in Europe in the past several years, and implemented broad restructuring programmes that were supposed to pump up the bottom line this year. That hope is now in jeopardy."

Moreover, reported the Observer column in the US edition of the FT, "Wall Street is not completely convinced that the $9bn [£5bn] cost-saving turnaround will be enough to return Ford to its former glory."

In his speech to shareholders at Ford's annual meeting, however, Bill Ford - the fourth member of the family to hold the top job - "told investors the company was [set] to keep its promised shake-up on track" (BBC News Online). He said the firm had cut $2bn (£1.2bn) from its costs in 2002 and was already $500m (£300m) ahead of its targets for this year. "Further cost-cutting and changes in production methods under way as part of a revival plan announced in January 2002 would make sure that it brought out new vehicles faster than ever before, he said."

The Daily Telegraph reported that Mr Ford had managed one triumph at the meeting: keeping the company in family control. Shareholders "rejected several contentious proposals that would have diluted the family's control and [possibly] opened the business to a takeover bid. Ford family members own just 4% of the company but have 40% of the voting power through a special B class of shares". Although shareholders rejected a proposal to reform that system, there were signs of "increasing levels of investor concern", the paper said.

"Now that he's got a little breathing room, it's time for Bill Ford to decide where the company is headed," wrote Joann Muller in Forbes. What will that mean for car buyers? "A shift is already under way from bread-and-butter Fords ... to higher-margin luxury brands." Merrill Lynch analyst John Casesa told the magazine: "In the past, this company used to be Ford, Lincoln and Mercury. In the future, it'll be Ford, Volvo, Jaguar and Land Rover." But, warned Muller: "Ford's revitalisation is a long-term project and, with demand for cars declining, all the secret committees in the world won't guarantee its success."