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Word on the wire this morning is that FoMoCo will slow third-quarter output by 10.7% and cut production in the fourth quarter by 21% owing to its sales performance being teh suck, of late. That's a reduction of 20,000 and 168,000 units, respectively, compared to a year ago — adding up to a 9% full-year production drop. The cuts will cause sleepy time in the company's St. Thomas, Ontario; Chicago; Wixom, Mich.; Louisville, Ky.; Wayne, Mich.; St. Paul, Minn.; Kansas City, Mo.; Norfolk, Va.; and Dearborn, Mich. plants. According to the Wall Street Journal Ford's also looking to trim salary costs in North America by 10% to 30%. More on the Bold Moves that comprise the Way Forward are forthcoming in September, according to the those who know.

Ford to Slash Production Amid Sales Slump [MSNBC]

More on Ford [internal]