Ford Motor Company Collapsing
by Jeff Davis
That rumbling sound you hear is Henry Ford turning over in his grave.
Yahoo News reports that “Ford Motor Company…capped the worst year in its 103-year history with a deeper-than-expected fourth quarter loss and said it would cut its production for the current quarter and lose market share through September. The No. 2 U.S. automaker posted a fourth-quarter net loss of almost $5.8 billion, or $3.05 per share, on declining sales of its profitable trucks and charges for employee buyouts. That compared to a loss of $74 million, or 4 cents per share, a year ago.”
Yahoo goes on to say:” The company posted a record loss of $12.7 billion for 2006, leaping past Ford’s previous record net loss of $7.39 in 1992. Ford shares slipped initially in pre-market trade and then recovered to be unchanged from Wednesday’s close of $8.20 on the New York Stock Exchange.” This dismal performance is AFTER closing 16 plants and laying off 45,000 jobs in North America. (more…)