Ford to slash production to counter falling sales

US based automaker Ford has said in a statement that they are cutting its fourth-quarter production by 21 percent. In addition, they would also be reducing their third-quarter production to accelerate its turnaround plan.

Ford is in the process of cutting its North American production in the fourth quarter by 168,000 units and reduce third-quarter production by 20,000 vehicles. They have been facing falling demand in the market since many quarters now and the market share of ford in the USA has gone down quite a bit.

Chief Executive Bill Ford spoke on this development: “We know this decision will have a dramatic impact on our employees, as well as our suppliers.” However, he added that the company is sure that it is for the better of all.

The company is also due to reveal more details on their accelerated plan sometime next month. It is going to be crucial, as it would affect a lot of their employees and suppliers.

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