Ford Loses Billions in 3rd Quarter

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Ford says its loss widened to five-point-eight billion dollars in the third quarter.

The loss was weighed down by the costs of its "Way Forward" restructuring plan. It aims to reshape the company and cut expenses to better compete against lower-cost, overseas rivals.

Ford's new Chief Executive Alan Mulally calls the latest results “clearly unacceptable." It's the largest quarterly loss for the nation's second biggest automaker in more than 14 years.

Ford also says it plans to restate its earnings for 2001 due to accounting errors involving derivative transactions. The restatement is expected to affect financial results from 2001 to the present and improve results from 2002.