Ford is to cut up to 14,000 jobs from its workforce in a bid to save $5 billion a year by the end of 2008.
The company today announced an additional 10,000 positions on top of the 4,000 it cut in the first quarter of the year. It is also planning to shut down two more plants.
The car maker said its troubled North American car operations would not be profitable on a full-year basis before 2009, a year later than originally projected.
The new plan, Ford's third restructuring in five years, replaces the initial "Way Forward" plan, which was announced in January and called for cutting up to 30,000 jobs and closing 14 plants by 2012.
Following Ford's $1.4 billion loss in the first half of the year amid falling sales of its high-margin pickup trucks and sports utility vehicles, the automaker promised to be more aggressive in its restructuring.