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Credit Union (AXcess News) Detroit - Ford Motor Co. (NYSE: F) said Friday that it plans on cutting 10 percent of its North American white-collar work force as part of its retructuring effort in the face of slowing auto sales. The bulk of the job cuts willbe from salaried workers during the first quarter of 2006, Mark Fields, President of Ford's American business unit said in an e-mail to employees.

More than seven months into its restructuring plan, Ford Motor Co. has a new CEO. Bill Ford has resigned as the company%š chief executive and is replaced by Alan Mulally, a top executive from Boeing. However, Ford will remain as chairman. Under Bill%š watch, the company has so far failed to turn around the fortunes of the second largest domestic automaker. grandson of company founder Hey Ford. In efforts to cut production costs, Ford closed down five plants and cut 35, 000 jobs. In the Way Forward Plan, 14 facilities will be closed down and 30, 000 jobs cut up by 2012.

Merchant Credit Guide Co Ford spokesman Oscar Suris said the job cuts will come through attrition, layoffs and the elimination of some agency and contract positions.

The 2006 Honda Civic and Honda Ridgeline are also Motor Trend%š Car and Truck of the Year. Jon Mendel, senior vice president of American Honda victory. %òe certainly hoped for one; we didn%› expect two% , he said. Last year, 300C was the North American Car of the Year while the Ford Escape Hybrid was the North American Truck of the Year.

Apply Online For Credit Card These job cuts areon top of the 2,750 autoworkers Ford had already said it would be cutting from its work force.

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By Card Credit Debt Debt Guide Driving Ford Motor Co's decision was a $284 million loss in the third quarter. Also, its North American automotive business unit has lost $1.4 billion for the year, making the job cuts necessary in order to restructure the business unit.

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Credit Repair Friday's news of further job cuts echoed anything but a "way forward", a term used by Ford Motor Co. chairman Bill Ford Jr. last month to describe Ford's restructuring plan - that's expected to be disclosed in January.

Active Credit Credit Guide Mr. Ford had indicated that there would be "significant plant closings" to cut costs in Ford's North American automotive business unit.

Credit Score Competitionfrom Toyota Motor Co. (NYSE: TM), Nissan and other foreign automotive manufacturers in North America has been hurting Ford's domestic sales, the same holds true for General Motors Co. (NYSE: GM), whose SUV sales have been hit hard by higher gasoline prices.

Bad Car Credit Guide Loan Both Ford and General Motors have seen their bond ratings reduced to junk status because of losses.

Bad Credit Loan Ford sold its Hertz division in an attempt to raise more cash and agreed to bail out its part supplier, Visteon Corp (NYSE: VC).

Credit Definition Derivative As a further move towards recovery, Ford said it plans on producing as many as ten times the number of hybrid vehicles in 2006, 250,000 compared to the original 25,000 that was slated for manufacturing - with a goal of reaching that number annually.

Bad Credit Mortgage Shares of Ford Mortor Co. closed Friday at $8.40, up 60 cents, or 7.7percent.

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