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NEW YORK—Analysts cut their earnings estimates on Ford Motor Co. after the automaker said it was cutting vehicle production and delaying its new F-150 pickup truck.

Lehman Brothers analyst Brian Johnson said in a client note the cuts indicate the auto industry downturn is entering a "problematic second phase," whereby demand for large used vehicles is falling so dramatically that it is keeping buyers -- particularly repeat buys of large vehicles -- out of the market.

"For example, a large SUV owner would have seen a nearly $4,000 decline in the value of his vehicle -- likely more at the trade-in desk -- in the last month versus a year ago," Johnson wrote.

He cut his full-year outlook to a loss of $1.59 per share from 63 cents per share. Analysts polled by Thomson Financial expect a full-year loss of 59 cents per share, on average.

Separately, Deutsche Bank's Rod Lache said he expects Ford to spend $11.1 billion in cash in 2008 and another $8.1 billion in 2009, though he still expects Ford to have enough liquidity to manage "a two-year downturn." He increased his 2008 loss forecast to $1.78 per share from $1.52.

On Friday, Ford announced is would cut third-quarter production by another 50,000 vehicles to 475,000 vehicles, 25 percent fewer than the year-ago quarter. It said it was delaying the rollout of its F-150 by two months to fall instead of late summer.

Shares of Ford tumbled 51 cents on Friday to close at $5.81. In premarket trading Monday, shares rose 8 cents to $5.89.