Ford Trims Q4 Loss to $2.75B; Plans Job Cuts

Eying weak economy ahead, will offer new round of buyouts
By Jim O'Neill,  Newser User
Posted Jan 24, 2008 6:56 AM CST
Unsold 2008 F-150 pickup trucks sit in the foreground while the company sign hangs in the background at a Ford dealership in the southeast Denver suburb of Centennial, Colo.   (Associated Press)
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(Newser) – Ford Motor Co. said job cuts and plant closings helped slash its fourth quarter losses to $2.75 billion, Bloomberg reports, less than half of what they were a year ago. But, adds  the Wall Street Journal, the company plans to reduce its workforce by at least another 13,000 jobs by the end of the first quarter through buyouts and attrition.

Under CEO Alan Mulally, Ford has trimmed capacity as US sales slow. The $1.30 per share loss compares to a $2.98 per share loss on a $5.63 billion deficit last year. Ford is predicting smaller losses in 2008 as it continues to economize. The automaker is expected to announce job buyout details negotiated with the UAW as soon as today.