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F O R D Announces Dramtic Production Cuts & Job Losses

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Friday August 18, 02:55 PM

Ford to slash US production by 21 percent
NEW YORK (AFP) - Struggling US auto giant Ford Motor Co. said Friday it would slash its fourth-quarter US vehicle production by 21 percent, or 168,000 units, as it vies to cut costs dramatically.
Ford said the move to cut output across its production lines would see a nine percent reduction on its full-year 2006 output compared with 2005.
"We know this decision will have a dramatic impact on our employees, as well as our suppliers," Ford chief executive Bill Ford said in a statement.
Ford made the announcement two weeks after doubling its second-quarter loss for the quarter ended June to 254 million dollars.

How much longer can they keep the doors open at the Birmingham Jaguar factory which is creating the heaviest losses for Ford? Will plant closure be next on the list as they cannot keep going and lose another $225m just to keep the prestige brand limping along.



oss-making Jaguar in spotlight under Ford's sweeping review
Andrew Clark in New York and Mark Milner
Thursday August 3, 2006
The Guardian
The performance of Britain's venerable Jaguar car brand is under intense scrutiny following an apparent decision by its parent company, Ford, to carry out a strategic review of underperforming assets.
According to reports in America yesterday, Ford has appointed a former investment banker, Kenneth Leet, to lead a small team examining options for a radical restructuring.
Insiders suggested an announcement was likely to be made soon, though a spokesman at Ford's Detroit headquarters would only say:
"We have nothing to announce at this time."
Edited by Realistbear

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  • 302 Brexit, House prices and Summer 2020

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      • down 5% +
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