Ford to cut production as they delay profit goals for next year

US based automaker Ford has announced that they are now cutting production for the rest of the current year.

The company said that they are no longer expecting to meet their earlier goal to reach profitability in 2009.

The US market is in a slump and this means that the demand for their cars is low.

Market analyst Pete Hastings spoke about this new development: “This is an embrace of reality. The market’s very soft, and they can’t get the cost savings they need.”

Ford has been selling off their brands to cut costs and raise money. In the recent times, they have gotten rid of luxury brands like Aston Martin, Jaguar and Land Rover.

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