Ford May Cut 25,000 Jobs

<I>Bloomberg</I> says the company will unveil the plan Monday.
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Ford

(F) - Get Report

intends to cut around 25,000 jobs in the next four years as part of its plan to lower costs and turn around its North American business, according to a published report Friday.

Bloomberg

, citing people who had knowledge of the plan, said the workforce reduction will be disclosed officially Monday. The company is also scheduled to release its quarterly and year-end results that day. Analysts expect a profit of 1 cent a share for the quarter and $1.02 for 2005.

Last month, the

Detroit News

reported that Ford had neared a decision to close at least 10 plants and fire 25,000 to 30,000 workers. Separately,

USA Today

reported that Ford will also say Monday that it will stop making minivans. That report, also published Friday, cited two people who knew about the move.

Ford isn't alone in its struggles to right the ship.

GM

(GM) - Get Report

, the world's biggest automaker, said late last year that it would eliminate 30,000 workers in 2006, up from its prior target of 25,000. GM hopes to save $7 billion annually starting at the end of this year.

Shares of Ford were gaining 4 cents to $8.26 in premarket trading. The stock's 52-week range is $7.57 to $13.75.