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Last Updated: Thursday, 22 January, 2004, 17:30 GMT
Ford sees big increase in losses
The Ford F-150
Ford has reported a $793m (430m) loss for the fourth quarter of 2003, after it was hit by the cost of job cuts in Europe and a new supply deal.

The US carmaker, the world's second largest until it was recently overtaken by Toyota, is getting rid of 6,700 European positions to cut losses.

It has also had to expensively rework its agreement with top supplier and one-time internal Ford arm Visteon.

The $793m loss is six times the amount Ford lost in the same period in 2002.

Not just cars

For 2003 as a whole, Ford said earnings totalled $495m (268m).

The company did however receive a hefty boost from its financing operations, with Ford Motor Credit posting net income of $470m in the October to December period, up $116m from the same period in the year before.

Its worldwide car sales rose in the fourth quarter to 1.88 million from 1.79 million in 2002.

The BBC's Shola Olowu
"They've been forced to offer huge discounts just to stay competitive"

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