Ford : We lost our shirts
Evidently Ford feels NOW is the time to start cutting back on SUV production. It only took a fright train to run over them in order to come to that conclusion. In the words of a great wise man, George Parker:
The trouble with the American auto business is it can’t see the train coming ’till it gets fucking run over!
Heh, here is the full article from Bloomberg
May 22 (Bloomberg) — Ford Motor Co. abandoned a target of returning to profit next year because of rising costs for steel and gasoline, a month after Chief Executive Officer Alan Mulally said the second-largest U.S. automaker expected to meet its goal.
Ford fell the most in almost a month on the New York Stock Exchange. North American vehicle production will be cut for the rest of this year, the Dearborn, Michigan-based company said today. Mulally told analysts and reporters on a conference call that the sales outlook darkened in May’s first half.
The CEO declined to say whether he expects a profit in 2010 and said Ford, which lost $15.3 billion in the past two years, would know more when it reports second-quarter results in July. U.S. sales at the maker of F-Series pickups and Explorer sport- utility vehicles fell 9.8 percent this year through April as gasoline prices approached $4 a gallon.
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