Ford announces major '08 production cuts
( www.autonews.com ) - Ford Motor Co. said today it is making sweeping cuts to North American production and retreated from earlier profit outlooks, now saying it doesn't know how soon it expects North America to be profitable. More job cuts are expected.
Ford said it is reducing production in North America by 15 percent in the second quarter from the same period last year, dropping production by 20,000 units to 690,000 vehicles. "The challenge affecting the entire industry is the accelerating shift in consumer demand away from large trucks and SUVs to smaller cars and crossovers -- combined with a steep rise in commodity prices and the weak U.S. economy," CEO Alan Mulally said in a statement.