Ford posting the 3rd quarter loss of 2.7b Dollars

Posted on Friday, 7 November 2008 , 17:11:38 byEmil

Filed under fordlossdetroitalanmulallyFord

Ford posting the 3rd quarter loss of 2.7b Dollars

In Detroit things are really going now from bad to even worse, having low consumer confidence plus tight credit on markets that are leading to a complete collapse of all-new sales of car. Ford posted a 2.7 billion Dollars operating loss on the 3rd quarter, prompting Dearborn-based carmaker to announce job cuts and further production.

In addition of posting a 2.7 billion Dollars operating loss on 3rd quarter, now Ford burned also via 7.7 billion Dollars of the cash reserves, Automotive News reports. As September ends, Ford had 18.9 billion Dollars cash on hand, that's down from 26.6 billion Dollars 3 month earlier.

The automotive operations of Ford lost 2.9 billion Dollars before taxes on the 3rd quarter, compared 1 year earlier to a 362 million Dollars loss.

“We continue to take fast and decisive action implementing our plan and responding to the rapidly changing business environment,” CEO Alan Mulally affirmed in a Friday statement. “We have a strategy that is broad and specific enough to handle the dramatic changes in today’s environment.”