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Ford Fires Latest Shot in Detroit Price War

January 7, 2003

Ford Motor Co. launched a new consumer incentives program Jan. 6, matching a move by crosstown rival General Motors Corp. that carried Detroit's price war into the new year, according to a Reuters report.

As with GM, which introduced new incentives Jan. 3, Ford said it is raising cash rebates by $1,000 to a total of $3,000 on some vehicles. The world's second-largest automaker also said it is cutting loan rates by 1 or 2 percentage points on several vehicle lines, according to Reuters.

But Ford also scaled back on the availability of

interest-free loans. The company had offered zero percent financing for up to five years on the four-door version of its popular Explorer sport utility vehicle in December. Under the new program, which runs through February, that vehicle will only have zero percent for three-year loans, Reuters said.

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