Ford Motor reports losses of $5.8 billion in the third quarter

Ford Motor reports losses of $5.8 billion in the third quarter

Ford Motor has said in its latest revenue report that its loss widened to $5.8 billion in the third quarter. The company has suffered from the high costs of its massive restructuring plan, which is aimed at reshaping the company and cutting expenses.

Ford continues to work hard on streamlining its operations to compete more effectively against their rivals especially the Japanese automakers.

Ford’s new Chief Executive, Alan Mulally said in a statement that these results are unacceptable. These are the company’s largest quarterly loss in more than 14 years.

Mulally said in a statement: “We are committed to dealing decisively with the fundamental business reality that customer demand is shifting to smaller, more efficient vehicles. Our focused priorities are to restructure aggressively to operate profitably at lower volumes, and to accelerate the development of new, more efficient vehicles that customers really want.”