WDET News
- Ford Posts Loss of $129 Million For Third Quarter
-
Nov 7, 2008Automotive & Business - Link to Audio
Ford has announced smaller losses for the third quarter of this year. Detroit Public Radio’s Jerome Vaughn has more.
SOQ
Ford posted a loss of 129 million dollars for the July to September period. That compares to a loss of 380 million dollars in the third quarter of 2007.
CEO Allan Mulally says the factors leading to the loss – were very clear.
“The turbulence in the worldwide economy continues to undermine consumer confidence and impact our business as do the tight credit markets. In the U-S, October marked the lowest sales rate in 25 years.”
The automaker lost two-point-seven billion dollars from continuing operations. That was partially offset by an accounting charge -- as Ford transferred the cost of retiree health care benefits to a trust managed by the United Auto Workers union.
Ford also announced that it will eliminate an additional 10 percent of its salaried workforce by the end of January.