Sunday, Jun 26, 2016
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Automotive

Ford exceeding goal to cut capacity, exec says

DEARBORN, Mich. Ford Motor Co. is ahead of where it expected to be in reducing excess production capacity at this point in its turnaround effort and has made encouraging progress in stabilizing its U.S. market share, a senior executive said yesterday.

Overall, we re ahead of where we expected to be in capacity reduction, Mark Fields, Ford s president for the Americas, told reporters in an update on the automaker s 18-month-old restructuring.

Ford, which lost $12.6 billion last year, still faces economic headwinds, including the slump in the U.S. housing market and higher gasoline prices, Mr. Fields said.

Ford is slashing capacity by shuttering 16 plants and cutting more than 50,000 jobs under a plan it calls the Way Forward.

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