Automaker Ford has announced a major cutback in its operations as the company seeks to reduce its losses.

Revealing that it is to axe 30,000 jobs, the automaker will also be closing 14 plants across the world as it looks to claw back some of the £900 million losses it has suffered.

Ford's "Way Forward" plan is the company's attempt to become more competitive with the likes of Toyota, which has usurped the US firm's position as the world's second largest automaker and is heading to become the largest vehicle manufacturer by the end of this year.

One of the major problems for both Ford and its main US rival, General Motors (GM) is the fact that many consumers in the US are becoming increasingly conscious of the environmental impact of their vehicles and so are moving away from those cars with high fuel consumption.

That trend has enabled the likes of Toyota, which has invested much time and money into developing fuel-efficient and even clean-energy vehicles, to overtake both Ford and GM in terms of popularity in the US.

Toyota's Prius hybrid has been very popular among US consumers and the company plans to follow up that success with a second hybrid model later this year, its first to be built in the US.


Ÿ Adfero Ltd