Tuesday October 31, 2006 
Tuesday October 31, 2006
Ford posts loss of $5.8 billion
Ford posted a quarterly loss of $5.8 billion - its largest loss in 14 years - as restructuring charges related to planned job cuts in North America and declining sales of its trucks hampered results. Ford, which is closing 16 plants and cutting up to 45,000 jobs in North America, recorded a net loss of $3.08 per share in the third quarter. The loss was its largest since the first quarter of 1992, when the automaker lost $6.66 billion.
High gasoline prices have caused consumers to shift away from sport utility vehicles and large trucks, which had been areas of relative strength for Ford. Ford is offering buyouts to all of its nearly 75,000 unionized workers to reduce its factory work force by nearly one-half. The automaker also wants to reduce its white-collar U.S. payroll by an additional 10,000 job cuts by the end of March next year.
See also :
1. Ford to cut 14000 jobs, close 16 factories
2. Ford to cut production
3. Disintegration of iconic Big Three US automakers accelerates
(2006-10-31 07:53:17 SGT)
[Biz]
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