1. #1
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    Default Ford to slash up to 30,000 jobs

    DETROIT (Reuters) - Ford Motor Co. on Monday said it would slash up to 30,000 jobs and shed more than a quarter of its production capacity as it moves to cut costs and stem market share losses, building on a surprising 19 percent gain in fourth-quarter earnings.

    Ford's bonds rose and its shares gained 6 percent after quarterly results topped Wall Street expectations on strength at its finance arm and a narrower loss in the crucial North American market.

    Ford, which has faced a deepening financial crisis and struggled with a junk bond rating on its debt, said it would shut 14 manufacturing sites, including seven assembly plants, and cut between 25,000 to 30,000 jobs from plant payrolls by 2012.

    The announcement follows a similar announcement from Ford's larger rival, General Motors Corp., which said in November it would cut 30,000 manufacturing jobs and close a dozen plants. Both automakers are struggling with high pension and health care costs and increased Japanese competition.

    Ford said its restructuring, which will idle plants in St. Louis, Atlanta, Michigan, Ohio and Canada, would reduce 26 percent of its production capacity by the end of 2008.

    Ford also said it would cut material costs by $6 billion (3.4 billion pounds) in five years, vowing to streamline parts purchasing, even as it rolls out more fuel-efficient hybrid vehicles and small cars to respond to consumer concern over high gas prices.

    "We must reduce capacity in North America," Chairman and Chief Executive Bill Ford said. "From now on our products will be designed and built to satisfy customers, not just fill a factory."
    You need only two tools: WD-40 and duct tape. If it doesn't move and it should, use WD-40. If it moves and shouldn't, use the duct tape.

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    If you don't design, manufacture, and support quality, inexpensive automobiles that people actually want, then you are not going to get money.

    Of course much of this is Ford, GM, and Chrysler's own doing, as well as the UAW. They don't call it "Generous Motors" in Michigan for nothing.

    I will buy cars that are made in the United States, but they don't necessarily belong to Ford, GM, or Chrysler.


    If the UAW doesn't wake up and see the forest between the trees, then they will not have any members when the big 3 continue to close doors.

    If the big three don't wake up and make quality, appropriately priced vehicles, and stop caving to the UAW every time they cry then they will no longer be in business.

    No wonder Toyota will become the biggest automaker in the world this year or next. Half of their cars are made in the United States, and they last quite well and are made & rated better in most surveys than "Domestics."

    Reality bites.
    "Too many people spend money they haven't earned, to buy things they don't want, to impress people they don't like." Will Rogers

    The borrower is slave to the lender. Proverbs 22:7 - Debt free since 10/5/2009.

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    We've got a plant locally (Hazlewood) that's getting the ax...

    I believe the news said over 1,200 jobs here..as early as March are affected.

    Merchants (resturants, stores, bowling alley right across the street) in the area are really concerned that their businesses are going suffer more than what people think too...Always a domino effect.

    A local professor on economics stated even if the town of Hazlewood could get another company to come in right away...it would take a few YEARS for things to get back to "normal"

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    Quote Originally Posted by DaSharkie
    If the big three don't wake up and make quality, appropriately priced vehicles, and stop caving to the UAW every time they cry then they will no longer be in business.
    Reality bites.
    I have owned mostly American brands such as Chevy and Mostly recently Dodge(2005 Ram). I did own a Toyota Pick Up and my wife owned a Toyota Sienna. We traded both in for American brands - she now owns a Pontiac.

    We found that the american brands lasted just as long as the toyotas. My Chevy pick up was a 93 with over 300,000 miles and ran strong.

    IMHO as long as you keep up on maintance the american brands are just as tough as the Nissan-Toyota brands.

    AS for pricing - I paid far less for my Dodge 2500 than the Nissan titan - even the Chevy's I looked at were just as much truck as the titan for much less.

    As a side note - a friend of mine who works for Yuma fire recently resonded to a MVA where a Nissan titan was rear ended by a honda accord - the accord literally split the Titans frame up to the cab according to him - he said it was the weirdest thing he ever saw.

    Now he didnt have any photos - so I have to trust him on face value

    I think the American brands are coming around - people just arent willing to to try them out however.
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    Detroit has yet to completely recover from their actions in the 1970s and 1980s. I agree that they are coming along, but they still seem to have a long way to go at times.

    Of course the financial woes that the big three have are their own doing. They caved in to the UAW for years and are so bloated with benefits that it is breaking them financially. Niether side will give something to save themselves.
    "Too many people spend money they haven't earned, to buy things they don't want, to impress people they don't like." Will Rogers

    The borrower is slave to the lender. Proverbs 22:7 - Debt free since 10/5/2009.

    "No man's life, liberty, or property are safe while the legislature is in session." - New York Judge Gideon Tucker

    "As Americans we must always remember that we all have a common enemy, an enemy that is dangerous, powerful and relentless. I refer, of course, to the federal government." - Dave Barry

    www.daveramsey.com www.clarkhoward.com www.heritage.org

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    I wonder how much of this is due to gas prices and the resulting free fall of SUV sales. I know FORD in particular had invested heavily on the success of SUVs.
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