2023 Author: Eric Donovan | [email protected]. Last modified: 2023-08-03 21:17
US automaker Ford has made good progress on the way out of the red. The drastic savings have cost thousands of employees their jobs.
The second largest US automaker, Ford, is gaining momentum on its way out of the red. In the final quarter of 2007 Ford halved the minus, mainly through cost reductions, to 2.8 billion dollars (1.9 billion euros). Ford is hoping for further enormous savings from a new severance pay program for another thousands of employees.
In the entire past year, Ford drastically reduced the loss from 12.6 to 2.7 billion dollars, as the company announced on Thursday in Dearborn, Michigan. Revenue increased 7.7 percent to $ 172.5 billion. In the final quarter it rose 9.4 percent to $ 44.1 billion.
Except in the home market of North America, Ford made profits in all regions in the core business with cars. In addition to Ford, the other two US automakers are also struggling with red numbers and falling sales at home. Ford wants to further reduce the loss in the current year. For 2009 as a whole, Ford expects profits again according to previous plans.
According to reports, Ford wants to part with up to 13,000 employees via severance payments. On its restructuring course, the group had already cut around 40,000 jobs in the past year alone. (dpa)
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