The belt keeps getting tighter at Ford Motor Co.
The company scaled back its earnings outlook last week and said it would slash another 1,700 white-collar jobs in North America, a reduction of about 5 percent. The staff cut comes on top of a 1,000-job reduction announced in April.
The company also canceled bonuses and 401k matching funds for salaried employees.
Ford CFO Don Leclair said the company now expects to earn $1.84 billion to $2.3 billion this year, down from the April forecast of $2.30 billion to $2.76 billion.
"Our market share has not been tracking the way we thought it would in April. SUVs continue to be softer than we thought," Leclair said.
And sales of the Ford Taurus, Ranger and Focus have suffered because "we have just not matched the competitive level of incentives," he said.
Leclair also said suppliers, hurt by lower Big 3 volumes, haven't been able to deliver expected improvements in productivity and pricing.