Ford recorded a net after-tax loss of $14.6bn ($6.41 a share) last year compared with $11.84bn (-$5.03 a share) in 2007, according to results released on Wednesday.
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Ford's European operations were a bright spot for the troubled U.S. carmaker with the division reporting a 2008 pretax profit of $1.06 billion, up from $997 million in 2007.
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Ford Motor Credit on Wednesday said it would restructure its US operations with the loss of about 1,200 permanent and temporary jobs, about 20% of its current staff.
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Ford is to axe 1,200 people or 20% of the workforce at its finance unit, US media reports have said.
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Ford on Wednesday announced a fourth quarter 2008 net loss of US$5.9bn, or $2.46 per share, and a pre-tax loss of $3.7bn, excluding special items, but insisted it had sufficient liquidity to fund its auto operations, despite burning through $5.5bn of cash in the fourth quarter.
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Ford on Wednesday announced a fourth quarter 2008 net loss of US$5.9bn, or $2.46 per share and a pre-tax loss of $3.7bn, excluding special items.
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DETROIT -- Ford Motor Co., scrambling to survive without federal aid, burned through $5.5 billion in cash during the final three months of 2008 as losses mounted. Ford said today it finished the year with cash reserves of $13.
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Ford's UK operation claims to have entered 2009 in a stronger position than many rivals - because it saw the economic downturn coming and took early action.
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Analysts and investors expect Ford to announce a large fourth quarter loss later on Thursday (29 January) and are expected to closely scrutinise its cash burn and near-term prospects.
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Ford Motor Credit will cut 20 percent of its U.S. work force as auto sales plunge and the company provides financing for fewer brands.
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Ford Motor Co. plans to conclude its latest round of salaried job cuts by Friday. The reductions -- 10 percent of North American salaried staff costs -- were announced in November.
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Ford Motor Co. is expected to post a big fourth-quarter loss on Thursday, but investors likely will be looking a lot closer at the automaker's cash burn rate and prospects for 2009.
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Anand Mahindra, Mahindra & Mahindra's vice chairman, has said that his company is not interested in acquiring either GM's Hummer or Ford's Volvo Cars unit.
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Elena Ford, great-great-granddaughter of found Henry Ford, has been appointed as Ford's director of global marketing, sales and service operations, effective February 1.
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Ford has appointed the great-great-granddaughter of founder Henry Ford as director, global marketing, sales and service operations. The new role is a part of changes to the company's global marketing organisation.
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Ford of Europe CEO John Fleming called for EU leaders to do more to help the crisis-hit auto industry.
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The first Fusion hit the streets in 2006, and we quickly appreciated its looks, its character and comfort. But since then, the heavy hitters in the mid-size sedan segment have all been redesigned and have grown in muscle and girth. Compared the Honda Accord, Toyota Camry and Nissan Altima, the Fusion aged quicker than expected.
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Dodge will be allowed to a slightly different nose in 2009 while Ford will debut its new "FR9" engine later in the year.
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The first Fusion hit the streets in 2006, and we quickly appreciated its looks, its character and comfort. But since then, the heavy hitters in the mid-size sedan segment have all been redesigned and have grown in muscle and girth. Compared the Honda Accord, Toyota Camry and Nissan Altima, the Fusion aged quicker than expected.
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Elena Ford will head a new global marketing office to unify Ford Motor Co. sales efforts worldwide. Ford, 42, the great-great-granddaughter of company founder Henry Ford, will become director of global sales, marketing and service operations on Feb.
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