Ford only lost $129 million in Q4. Well, actually they had a pre-tax loss of $2.7 billion. Strike that, the company burned $7.7 billion in the quarter. What’s scary is that Ford revenue was only down about 22%, so we know given the results we’ve already seen this quarter, that things are already much worse.
The good news is that the company announced a series of efficiency measures morale killers to stop the bleeding
Further reduction of U.S. hourly employees by approximately 2,600 as a result of the most recent round of targeted buyouts – bringing Ford’s total U.S. hourly reductions through buyouts in 2008 to approximately 7,000.
Eliminating merit pay increases for North America salaried employees in 2009.
Eliminating performance bonuses for global salaried employees, including the Annual Incentive Compensation Plan for the 2008 performance year.
Suspending matching funds for U.S. salaried employees participating in Ford’s Savings and Stock Investment Plan, effective Jan. 1, 2009.
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