Ford Motors reports $1.4 bn lossApril 25th, 2009 - 12:57 am ICT by IANS
Washington, April 24 (DPA) Ford Motor Company, trying to avoid the fate of Chrysler and GM, Friday posted a $1.4-billion first quarter loss that was, however, better than analysts had expected.
Revenues dropped 43 percent compared to the same period last year, to $24.8 billion, the company said.
Overall, Ford sales outside the US fell by 36 percent in the first quarter, to 973,000 vehicles.
Ford said it had cut cash consumption by 49 percent to $3.7 billion compared to the last quarter of 2008. It cited more efficient manufacturing and engineering practices, and $700 million saved by offering fewer sales incentives.
Ford rivals Chrysler and General Motors - recipients of $22 billion in government bail-outs - face possible bankruptcy proceedings next Thursday and June 1 respectively as the federal government presses them to become viable.
But Ford until now has not needed to put its hand out, drawing on deep cash reserves. Ford also negotiated deals with its workers to slash labour costs by $500 million a year.
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