Ford announces massive £10.2bn loss for 2008
Carmaker Ford has posted full-year losses of £10.2bn ($14.6bn) after an ``extraordinary slowdown" in sales across the world.
But Ford said it would not seek additional US government aid, insisting it was on track to begin making profits when economic conditions recover.
America’s second largest carmaker said it had made a £4.1bn ($5.9bn) loss in the fourth quarter of 2008 alone.
The full year figure compares to a £1.9bn ($2.7bn) loss in 2007. A slice of the deficit relates to ongoing restructuring programmes, including job losses and writedowns on the value of its assets.
The company also announced that its financing arm, Ford Motor Credit, would cut 20% of its US workforce, around 1,200 staff.
Chief executive Alan Mulally said that the company plans further restructuring actions that will be announced later.
Ford has been hit by a swift downturn in vehicle sales across the world as the global economic crisis caused demand for new cars to plummet.
