Over 2006 and 2007, Ford lost $15.3 billion. Over that same time and in light of those losses, the company also shed 33,600 union workers through buyouts and early retirement. Still working through the uphill part of the turnaround, Ford has announced it wants to eliminate another 8,000 to 9,000 factory jobs through buyouts.
Ford Motor may be taking a page from General Motors' restructuring playbook in considering ot sell off part of its Ford Credit financial unit. Both companies have seen the cost of capital for their financial subsidiaries rising as the automakers' credit status falls ever further into junk status.
Charlie Hughes, ex-president of Mazda Motor and former CEO of Land Rover, has some radical alternatives to Ford Motor's "Way Forward" restructuring plan, which he's putting forward in a forthcoming book, Branding Iron, co-authored with Car and Driver editor William Jeanes.
At the New York Auto Show Wednesday, Ford Motor's President of the Americas, Mark Fields, said "we're very pleased with our early progress" with the Way Forward plan - the company's roadmap for restoring its North American auto business to profitability by 2008.