Drop in sales hits Ford profits

FORD Motor company said it swung to a loss in the third quarter as sales of sport utility vehicles declined, and chief executive Bill Ford Jr warned of “significant plant closings” to help slash costs in North America.

The quarterly loss, the first for Ford since the fourth quarter of 2003, follows a protracted decline in the company’s American market share and deepening financial woes.

American sales of Ford vehicles are down 1.3% so far this year despite a massive discount program that helped clear inventory of unsold vehicles.