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The first Boeing 787 Dreamliner sits on the assembly line at the company's Everett plant in Washington in this May 19, 2008 file photo. REUTERS/Robert Sorbo/Files

Aerospace and Defense

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    Ford confident and focused despite Kerkorian sale

    KOKOMO, Ind
    Tue Oct 21, 2008 11:40am EDT

    KOKOMO, Ind (Reuters) - Ford Motor Co said on Tuesday it remains focused and confident of its turnaround strategy in a statement that followed billionaire Kirk Kerkorian's announcement he could sell his entire stake in the automaker.

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    "We remain confident and focused on our plan to transform Ford into a profitably growing automaker," Ford spokesman Mark Truby said.

    Ford, which posted an $8.7 billion second-quarter net loss, had received a boost since Kerkorian disclosed his investment in the automaker in April and expressed confidence in the company's turnaround strategy and executive leadership.

    Kerkorian's investment in Ford had risen to nearly 6.5 percent and 140.8 million shares, making him the largest outside investor. He sold 7.3 million shares Monday, reducing his stake to 6.09 percent, and said he may sell the rest.

    The No. 2 U.S. automaker, Ford has said that it will provide an update on its business when it releases third quarter financial results.

    (Reporting by David Bailey)
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