Ford announced today that it would cut another 10% of its workforce. The company lost $2.9 billion in the third quarter, but it used up $7.7 billion in cash. With auto sales weakening further, a fragile economy, and fewer loans for potential buyers, the firm will cut costs and increase cash on hand by slashing up to 2,200 jobs by January, eliminating merit-based wage increases, and halting bonuses and investment contributions. Ford is also hopeful, along with GM and Chrysler, of government aid such as an emergency loan package, though company executives aren't counting on it.
See "Ford Plans More Cuts as It Posts a $129 Million Loss", Bill Vlasic and Nick Bunkley, The New York Times, November 6, 2008