HispanicBusiness

This year, it's been a bumpy ride for the automotive business, with overall sales of vehicles declining, and even Detroit's traditional powerhouses aren't immune.

The Ford Motor Company announced on Monday sales figures that reflect substantial slowdown spurred by the current economy. The company's sales in the U.S. market during October measured an unadjusted 30.2 percent drop from the same period last year.

Ford and its brands, Lincoln and Mercury, sold a total of 132,838 vehicles versus 190,195 a year ago. Ford, which reported second-quarter net losses of $8.7 billion earlier this year, is scheduled to report third-quarter earnings later this week.

Sales of Ford's best-selling F-150 pickup truck dipped 16.3 percent to 43,324 from the previous year, which the company hopes to mitigate with a new ad campaign it launched on Sunday. Ford also plans to transfer some truck production in North America to cars in hopes of alleviate some pressure.

Two of Ford's other popular vehicles, the Focus and Fusion, both saw sales decline 18.2 percent and 3.3 percent respectively.

As a method to cut costs, Ford has dropped health insurance benefits for Medicare retirees 65 and over and is freezing pay increases towards salaried employees until the tide changes. However, the company will give $1,800 to retirees to obtain supplemental health coverage.