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| American oldest and most famous Ford motor company had its worst earnings year in 2006 since the company started making cars 103 years ago. The losses for 2006 operations for Ford were over $16.4 billion. Ford analysts said that the further prospects this year do not look encouraging and the company is expected to make further loses, after its business restructuring and the poor forecast for Ford car sales in the North American market. Ford's losses in 2006 exceeded $4380 per vehicle sold and were even worse that Wall Street analysts had forecasted. Ford took the biggest hit in it's native North American auto market where losses totalled to $6.2 billion compared to the losses of $1.5 billion in 2005. Ford is the auto company that was the first to create and launch the car assembly line and its brand and name have long been a synonym for American cars. Yet, the car maker said it does not expect to make any profits until 2009. Ford motor company blamed fierce competition with Japanese car makers in American market and sub optimal auto dealers sales volume strategy. The company also closed 16 car plants and had to pay compensations to laid off workers, which added to the lack of profitability. Despite the financial struggles and declined car sales Ford remains #2 car manufacturer in the world, Ford car dealers losing sales numbers only to Toyota car dealers. |
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Ford Motor Co. which lost $6 billion on North American operations alone, said it expects to burn up $10 billion in cash to run its business through 2009 and spend another $7 billion to invest in new products. Will they have to go back to the basics by resurrecting the Model T?
