Ford losses rocket to £3bn
23 October 2006

Ford's cost-cutting plans clearly don't come cheap - its third quarter report saw losses rocket to around £3bn.

In the three months up to the end of September, Ford lost $5.8bn (£3bn), almost 30 times the figure for the same period last year. Ford is aiming to cut 45,000 jobs and clost 16 factories in the United States and Canada as it slashes costs in a bid to restore profitability. But even with the American giant's provision for redundancies is taken into account, it still lost $1.2bn (£650m). It lost £151m in the same period in 2005.

Ford's new CEO Alan Mulally said the results were 'clearly unacceptable'. He added: "Our focused priorities are to restructure aggressively to operate profitably at lower volumes, and to accelerate the development of new, more efficient vehicles that customers really want."

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