Honda Motor Co. ran up a $1.9 billion loss during the fourth quarter of the Japanese fiscal year because of lower revenues, higher raw materials costs and unfavorable currency trends.
Honda managed, however, to show a $1.4 billion profit for the year ended on March 31 when it reported its full-year results Tuesday.
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Ford Motor Co. today posted a record loss of nearly $14.6 billion for 2008 and reported a fourth-quarter net loss of $5.9 billion.
That was worse than Wall Street was expecting, but the company insisted that it has sufficient liquidity to weather the current economic crisis and does not need government aid.
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Ford Motor Company lost $1.28 Billion in operations in it’s second quarter, making waves in the stock markets today.
Ford took a write down on $8 billion to write off asset values, as it plans to re-organize and begin operation in the 3rd quarter.
The majority of the losses came as a result of a downturn in sales of it’s North American truck operations. Ford’s truck operations provided high margins and stable growth. Unfortunately $4 a gallon gas prices did in the F-150 the best selling vehicle for the past 20 years.
Ford plans to bring over 6 small vehicles from Europe, as well as re-tool several truck plants to manufacture smaller vehicles beginning in December.
Ford plans to re-invent it’s Mercury lineup by the end of 2010. With no new product, the brand has been in limbo and has been seen as a brand Ford might do away with.
Ford also announced it is not closing it’s Ranger plant until 2011 and plans to double production of 4 cylinder engines by 2010. It also plans to double production of hybrid vehicles by 2011.
Ford CEO Don Leclair confirmed this has been the worst quarter in the companies history and they are not sure when the company will return to profitability.
Ford has about $38 billion in cash and available credit lines, which suggests that the company will not go under for some considerable time to come.
