Ford Could Speed Cost Cuts as Economy Slows: WSJ
Ford Motor may accelerate cost cutting if a slowing U.S. economy puts the auto maker at risk of missing key financial goals in 2008 and 2009, the Wall Street Journal reported in its online edition on Tuesday, citing an interview with an executive.
"There's more risk than there is opportunity going forward" for the U.S. auto market amid uncertainty about the housing market and job growth, the Journal quoted Ford Executive Vice President Mark Fields as saying.
Fields, who heads Ford's North and South American operations, said the company's North American turnaround is on track to meet the 2008 cost-cutting target and 2009 profitability goal, according to the Journal.
According to the report, he said recent weak job numbers and the turmoil in the debt and home mortgage markets have led Ford to hold down fourth-quarter production to avoid building excess inventory.
Ford was not immediately available for comment.