Ford Posts $1.2B Loss in First Quarter [View All]

[NVMojo]

DEARBORN, Mich. (AP) -

Ford Motor Co. swung to a $1.2 billion loss in the first quarter as it began a costly restructuring effort amid weak U.S. sales, leaving Ford executives disappointed but determined to go ahead with their plan to cut 30,000 jobs and remake the No. 2 automaker.

"This transformation isn't going to be quick and it isn't going to be painless," Ford Chairman and Chief Executive Bill Ford said in a statement. "It involves risks and the financial rewards won't be immediate. But in the end, I believe we'll get there."

Investors weren't so sure. Ford's stock fell 63 cents, or nearly 8 percent, to close at $7.32 on the New York Stock Exchange, approaching its 52-week low of $7.13.

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