by Calculated Risk on 5/22/2008 09:18:00 AM

From Ford: Ford Adjusts Production to Lower Industry Volume and Shift in Customer Preferences; Profit Outlook Revised

Ford Motor Company today said it is making adjustments to its production plan and revising downward its near-term North American Automotive profit outlook ...

Ford is reducing 2008 production of large trucks and SUVs, as gas prices soar and customers move more quickly to smaller and more fuel-efficient cars and crossovers.

Ford said it now plans to produce 690,000 vehicles in North America during the second quarter, a further reduction of 20,000 units from previously announced planned production levels and a decline of 15 percent from the second quarter of 2007. The company plans to produce between 510,000 and 540,000 units in the third quarter, down 15 to 20 percent from the same period last year.

It just keeps getting worse for the auto industry.