Ford downshifts gasoline-guzzlers, profit outlook

0 Comments | AFP, May, 2008

CHICAGO (AFP) — Ford Motor Company on Thursday said it is cutting production of large trucks and sport utility vehicles (SUVs) as soaring pump prices drive demand for more fuel-efficient cars.

Ford, the second-largest US automaker, also said it lowered its near-term profit outlook for North America "to respond to the rapidly changing business environment in the US" amid the worst housing crisis in decades and surging commodity prices.

It said it would not return to profitability in 2009, reversing a prior forecast.

"Unless there is a fairly rapid turnaround in US business conditions, which we are not anticipating, it now looks like it will take longer than expected to achieve our North American Automotive profitability goal," Ford president and chief...

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