Business
Stmnt re Vehicle Production
Stmnt re Vehicle Production.
About this update from Fdm Group (holdings) Plc
[{"type":"text","content":"\n Ford Motor Co\n18 August 2006\n\nContact: Oscar Suris George Pipas\n 313-594-1106 313-323-9216\n [email protected] [email protected]\n\nFORD REDUCES NORTH AMERICAN VEHICLE PRODUCTION AS PART OF ACCELERATED\n'WAY FORWARD' TURNAROUND\n\n • 21 percent fourth-quarter reduction is part of aggressive realignment\n of North American production - laying the groundwork for Ford's\n accelerated Way Forward turnaround.\n\n • Bill Ford: 'We know this decision will have a dramatic impact on our\n employees, as well as our suppliers. This is, however, the right call\n for our customers, our dealers and our long-term future.'\n\n • Further actions aimed at accelerating Ford's turnaround will be\n announced in September.\n\nDEARBORN, Mich., Aug. 18, 2006- Ford Motor Company (NYSE: F) announced an \naggressive reduction of North American production as part of its broader efforts \nto accelerate the pace of its Way Forward turnaround.\n\nThe company said it is reducing North American fourth-quarter production by 21\npercent - or 168,000 units - compared with the fourth quarter a year ago. The\nrevised plan also reduces the company's previously announced third- quarter plan\nby 20,000 units.\n\nBill Ford, the company's chairman and CEO, outlined the decision to cut\nproduction in a note to employees, explaining the decision is part of broader\nefforts to accelerate the company's North American turnaround and saying full\ndetails of additional actions will be announced in September.\n\n'We know this decision will have a dramatic impact on our employees, as well as\nour suppliers,' Bill Ford told employees. 'This is, however, the right call for\nour customers, our dealers and our long-term future.'\n\nFor full-year 2006, Ford now plans to produce 3.048 million vehicles at its\nNorth American assembly plants - 1.134 million cars and 1.914 million trucks -\na 9 percent reduction from 2005.\n\nThe revised production plan is expected to sharply reduce the supply of several\nmodels and reduce pressure on sales incentives and dealer inventory carrying\ncosts. The plan also reflects expectations for lower industry sales of light\ntrucks and truck-based sport utility vehicles, as high gasoline prices are\nexpected to continue to encourage demand for more fuel-efficient passenger cars\nand crossovers.\n\nMark Fields, executive vice president and Ford's ...