more good news for Ford!
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From: Northern Alberta
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Joined: Jan 2005
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From: Marshall, Tx
On the surface it looks promising, but digging deeper it actually reveals a revenue loss of $800 million in 3Q09.
additionally,
doesn't seem like much progress if you keep going deeper in debt.
and of course, lets not forget
In order to remain competitive with GM and Chrysler, Ford is looking for deeper cuts from the UAW adding to the already $500 million in concessions from labor.
And lets not forget Ford's plan to sell Volvo to a Chinese Company for $2 billion, which BTW is significantly less than the $6.45 billion that Ford just paid for Volvo in 1999.
http://www.reuters.com/article/busin...58E7IA20090915
http://news.bbc.co.uk/2/hi/business/264506.stm
The earnings came despite an $800-million revenue drop. But Ford said it cut costs by $1 billion during the quarter, accomplished through layoffs in North America and Europe, reduced pension and retiree health care costs.
Ford reported $26.9 billion in debt, up $800 million from the second quarter.
and of course, lets not forget
The company avoided the same fate as rivals Chrysler and GM by mortgaging its factories and even the familiar blue oval logo to borrow $23.5 billion before credit markets froze.
And lets not forget Ford's plan to sell Volvo to a Chinese Company for $2 billion, which BTW is significantly less than the $6.45 billion that Ford just paid for Volvo in 1999.
http://www.reuters.com/article/busin...58E7IA20090915
http://news.bbc.co.uk/2/hi/business/264506.stm