Ford has announced that it would be speeding up a restructuring programme after reporting increased losses.

In its July earnings announcement, the company said it would accelerate a plan that already envisages up to 30,000 job cuts and the closure of 14 facilities, reports suggest.

The US auto giant saw losses more than double in the second-quarter.

In a filing to the Securities and Exchange Commission, Ford cited pension costs as being behind a net loss for the quarter ended June of $254 million.

It had previously reported that losses for the quarter totalled $123 million.

In an email to employees reported by Platts, Bill Ford said to his workers: "Contrary to speculation, nothing has been decided and we will not rush to judgements.

"It is prudent in a time of rapid change in our industry for us to carefully examine all of our options."

Japanese rival Toyota has now passed Ford for the first time to make it the second most popular automaker in the US market, behind General Motors.

Ford uses platinum and pgms in catalytic converters, located in the exhaust systems of its cars.

Ÿ Adfero Ltd