NOVEMBER 29, 2001

Ford plans to slash more jobs

THE Ford Motor Company is about to announce major cost-cutting measures, which are expected to include around 20% of the management jobs in North America and the possible closure of four of the company's US factories. The cuts come as Ford tries to restructure in the face of poor results in recent months.

Ford is also cutting back on its activities in Europe.

Despite fears for the future of the Jaguar Racing F1 program, we understand that Wolfgang Reitzle, head of the company's Premier Automotive Group, gave F1 team owners a long-term undertaking that the company intends to stay in Formula 1 during the meeting in Geneva on Tuesday.

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