Honda website
Honda website

JANUARY 12, 2002

Ford's mammoth job cuts

THE Ford Motor Company has announced that it is to close five of its factories in North America and lay-off 35,000 workers. Two -thirds of the jobs are to go are in the US. The company chairman William Clay Ford said the cuts were "painful but necessary".

The job-cutting is design to cut the company's production capacity by a million cars a year because of the over-capacity in the automobile business at the moment.

Despite the cuts, the high-profile but unsuccessful Jaguar Racing in F1 program is to remain untouched.