Ford (F) said Friday that it no long sees a return to profitability in North American by 2008, as it had planned, and laid out a series of new cost-cutting goals, including cutting 14,000 white-collar jobs, slashing manufacturing output 26% by 2008 and suspending its stock dividend.
The aim is to cut operating costs by $5 billion by 2008 and return to full-year North American profitability in 2009, Ford said in its news release.
"These actions have painful consequences for communities and many of our loyal employees," said Ford Chairman Bill Ford. "But rapid shifts in consumer demand that affect our product mix and continued high prices for commodities mean we must continue working quickly and decisively to fix our business."
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