Gear6

'Black Monday is here and Ford has just announced the details of it's "Way Forward" plan at a press conference in Dearborn Michingan, Autoblog has live coverage of the press conference if interested but here are the highlights of the press conference:

Bill Ford: "Ford Motor Company was solidly profitable in 2005 and growing around the world. The next chapter in our history will be remembered for a renewed commitment to innovation and as the time we moved boldly to prepare Ford's North American business for global competition."

Product investments will result in new vehicles in new segments to reach more customers - including small cars and more crossovers - while maintaining Ford's truck leadership.

Competitive cost structure includes net material cost reductions of at least $6 billion by 2010.

North American capacity is realigned to match demand - with 14 manufacturing facilities to be idled - resulting in significant cost savings and reduced employment of 25,000-30,000.

Salary-related costs are being cut 10 percent in North America with the previously announced reduction of the equivalent of 4,000 salaried positions by the end of the first quarter. In addition, the company's officer ranks are being reduced 12 percent by the end of the first quarter.

North American automotive profitability is achieved no later than 2008.