Ford to cut production

Ford said it would cut fourth-quarter production by 21% (168,000 vehicles), and also reduce third-quarter production by 20,000 vehicles to accelerate its turnaround plan. For the full year, Ford plans to make 3.048 million vehicles in North America, down 9% from a year earlier, in response to the weakening demand for fuel-hungry trucks and sport utility vehicles as gasoline prices have remained high.

Ford, which posted a second-quarter loss of $254 million and has hired an outside financial adviser, has said it will close 14 plants and cut up to 30,000 factory jobs to return its North American unit to profitability by 2008.

channelnewsasia.com :

Struggling auto giant Ford has said it was slashing its US vehicle production as it battles to recapture customers who are deserting its gas-guzzling SUVs in favor of Japanese models. Demand for Ford's trucks and SUVs dropped a staggering 43.8% to 151,944 units in July compared with the same month a year ago.

Ford has been caught in a bind between rocketing fuel costs and the savvy marketing of more fuel-efficient and hybrid vehicles by its Asian rivals. Last month, Toyota accelerated past Ford for the first time as the Japanese giant became the second most popular automaker in the US market, behind General Motors.

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