Ford sales causes plunge in profits

Motor company Ford has said that their sales has brought a loss in the third quarter of the year with chief executive Bill Ford Jr warning of significant plant closings to aid slashing costs in North America.

American sales of Ford are down 1.3% so far this year even though there has been a huge discount program that helped clear inventory of unsold vehicles.

Ford said that the company, which is the number two American automaker, was delaying until January a long-awaited restructuring announcement for its North American vehicle operations, which have lost more than $1.4bn before taxes so far this year.