HolyCoast: Is There A Ford in Anyone's Future
Follow RickMoore on Twitter

Monday, October 23, 2006

Is There A Ford in Anyone's Future

We already know that there won't be a Ford in Tennessee's future, but after this announcement, there may not be a Ford in anyone's future:
DETROIT (Reuters) - Ford Motor Co. (F) on Monday posted a quarterly loss of $5.8 billion -- its largest loss in 14 years -- as slower truck sales, charges for job cuts and asset write-downs in its troubled North American operations and elsewhere took their toll on the No. 2 U.S. automaker.

Ford said it would restate results from 2001 through the second quarter and cautioned that operating results would weaken further in the current quarter.

Ford also said it was considering raising new funding secured by its automotive assets in order to protect its cash position as it pays the bill to close 16 plants and cut up to 45,000 jobs.

"These business results are clearly unacceptable," said Chief Executive Alan Mulally, who took over at Ford in early September.

Have the unions started offering concessions to save the company yet? I didn't think so.

No comments: