More cuts at Ford?

Ford may be planning more trenchant cuts as part of its restructuring plan, according to insiders at an investor presentation in the US.

The carmaker may be set to go beyond the $500m previously announced in order to offset income downturn as a result of falling vehicle prices in Europe – expected to fall more than 1 per cent in 2003.

Ford gave no indication of how large its additional cost reductions would be. In the first quarter, Ford saved $638m globally, but did not expect to achieve comparable figures in the second, third and fourth quarters.