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Economic slowdown hurting automaker

Wednesday, Dec. 5, 2001 | 10:36 a.m.

DETROIT -- Ford Motor Co. said today that its fourth-quarter losses will be larger than expected mainly because the deteriorating economic conditions, especially high unemployment, are leading to bigger problems in collecting on its car loans.

The Dearborn-based automaker said it expected to report a loss of 50 cents per share, before one-time items, for the last three months of the year.

Previously the company said it expected an improvement from its third-quarter loss of 28 cents per share, although turning a profit would be difficult.

The warning follows an announcement Monday that Ford will reduce retirement and health benefits for 45,000 white-collar workers and lay off 630 people to save about $300 million a year.

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