DETROIT -- Ford Motor Co. plans to conclude its latest round of salaried job cuts by Friday.
The reductions -- 10 percent of North American salaried staff costs -- were announced in November. Ford has 22,600 salaried employees in its North American automotive unit, so about 2,300 positions will be cut, Ford CFO Lewis Booth said at that time.
Layoffs began the week of Jan. 12, and most of the cuts have been made, Ford spokeswoman Marcey Evans said. All departments are reducing staff.
Mark Fields, Ford president of the Americas, told Automotive News on Friday, Jan. 23, that Ford is on track to complete the cuts by the end of this week.
We will have completed the objective of reducing our employee personnel cost of 10 percent, Fields said. Theres still a little bit more to do.
Ford announces fourth-quarter and full-year earnings tomorrow. Large losses are expected. Industry followers will be watching Fords cash burn.
The company used $7.7 billion in cash during the third quarter of 2008, leaving it with $18.9 billion at the end of September. In early January, CEO Alan Mulally said Fords cash reserves had shrunk to less than $15 billion.