* CFO: Higher vehicle launch costs, Europe weighed on Q4 * Commodity costs cut into 2010, will rise in 2011 * Ford reduced debt by $14.5 bln in 2010 * Shares down 11.6 percent (Adds details on Ford Credit; updates share price; adds analyst comment) By Bernie Woodall DETROIT, Jan 28 (Reuters) - Ford Motor Co's earnings fell far short of expectations as costs for raw materials and new vehicle launches surged and its business in Europe suffered an unexpected loss, driving its shares ...
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