Ford seeks faster turnaround

Ford Motor Co said that it would cut fourth-quarter production to its lowest level in 25 years as it accelerates a turnaround plan that has not yielded results fast enough.

Ford said the production cuts were necessary because high gasoline prices were hurting sales of pickup trucks and sport utility vehicles.8216;8216;We know this decision will have a dramatic impact on our employees as well as our suppliers,8217;8217; CEO Bill Ford said in a message to employees. 8216;8216;This is, however, the right call for our customers, our dealers and our long-term future8217;8217;.

8216;8216;Ford has not been aggressive enough in its cost-cutting efforts,8217;8217; Argus Research analyst Kevin Tynan said. 8216;8216;General Motors Corp has done a lot in the past year, but not Ford. So it8217;s going to have to come down to production now because they have not been driving costs out of the system,8217;8217; he said.