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Friday, November 07, 2008

Ford Burns Through $7.7 Billion in Cash

by Calculated Risk on 11/07/2008 11:10:00 AM

From the WSJ: Ford Plans More Job Cuts as Sales Slump Erodes Cash Position

Ford Motor Co. announced wide-ranging cost cuts after burning through $7.7 billion in cash in the third quarter, as revenue plunged in a rapidly deteriorating auto market.
"Ford's actions are based on the expectation that the global auto industry downturn will be deeper, broader and longer than was previously assumed," the company said. Ford said volume declines in 2009 are expected to be comparable with this year's steep declines, and that the company "will continue to adjust its production in line with the lower demand."
Meanwhile GM shares are halted for pending news ...