Ford had about 1,500 UAW workers in its jobs bank at the end

Ford had about 1,500 UAW workers in its jobs bank at the end

Ford posts record loss

government bailout.

Ford plans to cut some 2,500 white collar jobs and draw down uk canada goose its remaining credit line after burning through $5.5 billion of cash as global canada goose coats on sale auto sales plunged.

The automaker posted a cheap canada goose uk deeper than expected $5.9 billion fourth quarter net loss. Ford has reported net losses totaling canada goose coats nearly $30 billion over the past three years. sales stabilize in the second half as it expects.

The No. canada goose factory sale automaker also said it would draw down canada goose uk outlet $10.1 billion remaining on its credit line and defer $2 cheap Canada Goose billion in payments pledged to a trust aligned with the United Auto Workers to add to its cash position in the first quarter.

took this action because of our growing concerns about the instability of the canada goose store capital markets, Ford Chief Executive Alan Mulally told analysts in a Canada Goose online conference call.

Ford shares were uk canada goose outlet down 3 percent in canada goose uk shop afternoon trade.

Analysts lauded Ford under Mulally with having the foresight to borrow heavily in 2006, before credit markets shut Canada Goose Online down Canada Goose Parka and auto sales plunged in 2008.

doing what they can to take costs out canada goose uk black friday but the other side of the equation sales has got to recover, said Erich Merkle, an independent auto analyst.

Ford captive credit arm, Ford Motor Credit, canada goose black friday sale said it would cut 1,200 jobs, or 20 percent of its staff. For its auto operations, Ford said it had almost completed 1,300 white collar job cuts that it began in November.

Ford said the UAW had also agreed to suspend its jobs bank, dropping a program that had guaranteed nearly full wages and benefits for workers after their jobs were eliminated. Ford had about 1,500 UAW workers in its jobs bank at the end of 2008. GM and Chrysler both had previously announced an end to the program.

Overall, Ford cut its North American auto workforce by 5,000 jobs in the fourth quarter to 75,200, canada goose most of that in its hourly workforce. The buy canada goose jacket cheap Ford Credit, and salaried job cuts will be reflected in 2009 results.

NO SIGNS OF RECOVERY think it by far canada goose clearance the most volatile period Canada Goose Coats On Sale we ever seen, Canada Goose Jackets Chief Financial Officer Lewis Booth told reporters. not seeing any signs of recovery yet. market in the second half of the year and he expected it would be the first region to show signs of a rebound.

Ford net loss widened to $5.88 billion, or $2.46 per share, in the quarter, from $2.8 billion, or $1.33 per share, a year earlier.

Ford Motor canada goose clearance sale Credit, traditionally a source of profit, slipped to a $372 million quarterly loss on credit related charges, derivatives canadagooseparks canada goose sale losses and lower loan volumes.

Volvo, a the Swedish luxury brand Ford is looking to sell, posted a forth quarter loss of $736 million on a pre tax basis, down from a break even position a year earlier. Ford offered buy canada goose jacket no details on the sale process.

Executives said the Volvo review would take some time and the brand management is focused on fixing the canadian goose jacket business.

Ford ended 2008 with $13.4 billion cash. It said it would receive the $10.1 billion from its line of credit on Feb. 3. Canada Goose Outlet government as insurance against a worsening in the global economy. program to support improved fuel economy.

The automaker trimmed its first quarter production plan by Canada Goose sale 30,000 units in North America to 400,000 units, a cut that will add to the considerable pressure on its supply base.

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