By: Tiffani Haynes
Ford may just be the only automaker to escape the downtrodden U.S. auto industry. After reporting a billion dollar profit for its third quarter earnings and becoming the only U.S. auto company to escape bankruptcy, Ford is leading the way with American automakers.
While this has been the first profit the Ford North American operations has seen since 2005, it has been an uphill battle. In order to achieve the profit, Ford had to cut tens of thousands of employees, among other things.
According to Washington Post, “The United Auto Workers announced just hours after the earnings report that its members at Ford plants voted overwhelmingly to refuse to give up their right to strike on wages when the current contract expires in 2011.”
In addition to avoiding wage strikes, some workers are saying they haven’t had a raise in years.
Yet Ford has other issues at hand beside its unpleased workers. The automaker has accumulated $23 billion dollars in debt. Because the company did not absolve its debt through bankruptcy like the other industry leaders, the climb out of the red has been one Ford has done on its own.
Ford hasn’t been able to make any fourth quarter predictions. The company can only hope to continue making a profit and beginning to erase its huge debt.
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