Ford says it's ready for Chinese competition

"We had a management team that has just been zooming along and improving on every front," said Hughes-Cromwick, herself with Ford since 1996.

That would brace Ford for any new companies entering the US market, she said.

For now, Ford is picking up steam with "Clunkers." It recently announced it would boost production to meet the surge in customer demand. The Ford Focus and Ford Escape this week were among the 10 most-purchased vehicles under "Clunkers" -- the only vehicles on the list made by a US automaker.

"Very few looked down the road five or six years ago and said we're going to have to redo things in the auto sector," said David R. Kotok, chairman and chief investment officer of Cumberland Advisors Inc., of Vineland, NJ, as he introduced Hughes-Cromwick to the Fed crowd.

And then, turning to Hughes-Cromwick, he pitched a compliment that gave her some credit for Ford's being in a decent situation today.

"She did," he said.