31 Oct 2012

Ford in profit in US, not in Europe

10:32 am on 31 October 2012

Ford has reported a third quarter profit of $US2.3 billion in North America and losses of $USUS468 million in Europe. Net income fell 1% to $US1.63 billion.

The company last week announced it would close two vehicle plants in Britain and one in Belgium following a sharp fall in sales in the region.

Chief financial officer Bob Shanks says the industry in Europe needs a shakeup: car sales there across the industry were the lowest in 20 years.

Ford believes the problems in Europe are structural, rather than cyclical.