27 Oct 2010

Ford's third quarter profit jumps

1:50 pm on 27 October 2010

US car giant Ford, has reported its sixth straight quarterly profit.

Net income was of $US1.7 billion in the three months to September, a rise of 68% on the same period a year ago, the BBC reports.

The car maker's improved performance came as it increased its share of the US vehicle market, while buyers paid more for its cars and trucks.

Ford's chief executive, Alan Mulally, says new cars and aggressive cost-cutting have helped to boost profits.

Ford was the only big US carmaker that wasn't bailed out by the government during the financial crisis, and analysts say Mr Mulally's strategy of eliminating brands and cutting costs may help Ford to regain the number two spot in the US market from rival Toyota.