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Ford crashes to a loss of £1.9 billion
07.11.08
Ford made a third-quarter loss of almost $3 billion (£1.9 billion) in the year as motorists worldwide put off buying new cars.
US sales were particularly badly affected as consumer confidence hit rock bottom and the high cost of petrol put people off Ford's gas-guzzlers.
The company has also suffered from a collapse in car sales in the UK and Europe. The Society of Motor Manufacturers and Traders said UK new car sales fell 23% last month from a year ago.
Ford, like rival US carmakers, is facing the worst financial crisis in its history. It is slashing jobs and retooling factories to make smaller, more fuel-efficient cars.
It today said losses in the three months to the end of September hit $2.98 billion, and it will cut another 10% off its wage bill.
It added that it had used up $7.7 billion in cash during the period.
Toyota's shares plunged today after it warned this year's profits will hit a 13-year low.
