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Ford Plunges to $793m Loss

News, 26 January 2004

Ford Motor Company saw losses widen sharply in the fourth quarter despite an improvement in its core car operations.

The auto giant's net loss slipped to $793 million (€625m; £431m) in the three months to December, more than six times the $130m deficit posted in Q4 2002. Revenue increased 11% to $46.01 billion.

Ford's earnings were hit hard by the cost of 6,700 job cuts in Europe and a new supply agreement.

Despite these problems, losses at its automotive division were cut from $240m to $4m as its worldwide car sales rose slightly to 1.88m. In addition, profits at its finance arm jumped 33% to $470m.

Data sourced from: BBC Online Business News (UK); additional content by WARC staff