Ford On The Floor: 35,000 Have to Go

William Clay Ford has presented his restructuring programme which he hopes will lead the car giant out of crisis. The company wants to reduce the workforce by 35,000; 22,000 of which will be in the USA. None of the redundancies will affect German (or UK) Ford operations.

Ford told journalists in Detroit that he wants to reach profits of $7bn by the year 2005. But first Ford has to make provision for $5bn in restructuring costs..