Ford Motor post USD 3 billion operating losses

Ford Motor post USD 3 billion operating losses

Ford Motor continues to struggle in their home market.

The US based automaker has posted a massive $3 billion quarterly operating loss on Friday.

Ford said that they are now going to reduce staff and capital spending so as to save money.

The company added that they are now going to cut salaried employment costs by 10%.

However, this would not help them much as they would require to fire more employees in the coming months.

Ford recently sold their owned brands Jaguar and Land Rover to Tata of India.

Ford Chief Executive Alan Mulally said in a statement: “We believe the downturn in industry volume will be broader, deeper and longer than previously expected.”