DETROIT (Reuters)  Ford Motor Company said Thursday that it would cut production through the remainder of 2008 and said it no longer expects to meet a long-held goal of returning to profitability in 2009.

In a statement, Ford said rising prices for commodities, particularly steel, and an accelerating consumer shift from larger trucks and sport utility vehicles would make it impossible to meet the key milestone in its turnaround efforts.

Ford’s chief executive, Alan Mulally, said the company now expects to be “about break-even” in 2009, on a pretax basis and before special items, with strong results from Europe and South America.