Its common in the business world to announce bad news on a Friday, giving those affected time to digest the information.
Although Ford's Way Forward plan is intended to ensure the long-term success and competitiveness of the company, one third of the carmakers salaried workforce is to be eliminated as part of efforts to reduce costs by some $5 billion a year.
Additionally, certain facilities are set to be idled or closed down, including a stamping plant in Ohio and an engine plant in Ontario.
Executive Chairman Bill Ford said "These actions have painful consequences for communities and many of our loyal employees. Rapid shifts in consumer demand that affect our product mix and continued high prices for commodities mean we must continue working quickly and decisively to fix our business."
The Way Forward isn't merely a cost-slashing initiative. New vehicles and existing vehicle variants are scheduled for production, including a new full-sized crossover and the Lincoln MKS flagship for 2008. The Mustang will continue with new variations in the coming years as well.
Development work is beginning on new small cars and vehicles based on platforms that Ford doesn't currently use in North America.
Full-year profitability is not expected for Ford's North American Operations before 2009.
Although Ford's Way Forward plan is intended to ensure the long-term success and competitiveness of the company, one third of the carmakers salaried workforce is to be eliminated as part of efforts to reduce costs by some $5 billion a year.
Additionally, certain facilities are set to be idled or closed down, including a stamping plant in Ohio and an engine plant in Ontario.
Executive Chairman Bill Ford said "These actions have painful consequences for communities and many of our loyal employees. Rapid shifts in consumer demand that affect our product mix and continued high prices for commodities mean we must continue working quickly and decisively to fix our business."
The Way Forward isn't merely a cost-slashing initiative. New vehicles and existing vehicle variants are scheduled for production, including a new full-sized crossover and the Lincoln MKS flagship for 2008. The Mustang will continue with new variations in the coming years as well.
Development work is beginning on new small cars and vehicles based on platforms that Ford doesn't currently use in North America.
Full-year profitability is not expected for Ford's North American Operations before 2009.