Posts Tagged ‘Ford’
The bosses of GM, Ford and Chrysler (also known as big three US carmakers) ask Congress for a $25bn aid to rescue US car industry.
In a Senate hearing, they told that their firms were at greater risk of collapse without the rescue package.
Rick Wagoner, GM chief executive, said: “A financial chasm has opened up and the firm needs a loan to span it.”
On the other hand, Republicans and the White House do not seem to use the $700bn bank bail-out to assist car firms. Read the rest of this entry
MELBOURNE, Australia – On Friday Ford Australia took measures to cut costs by terminating the services of up to 350 employees. This translates into 15% of the manufacturing work force for the company in the country.
Amid increasing fuel prices, toughening competition between the auto manufacturers resulting in a slump of sales, companies have to make severe cuts in their costs. This often translates into cutting the labor force. The effect of the downturn in the global auto industry has arrived in Australia as well. Read the rest of this entry
