Ford announces European profit
Despite a turbulent year for the Ford Motor Company, and the car industry in general, Ford Europe have announced pre-tax profits of $1billion (approximately £700million) for 2008.
The news comes as Ford looks to be the strongest of the beleaguered US car makers, who have suffered a torrid 2008. As a company, Ford still made a $10billion loss during 2008, but unlike rivals General Motors, Ford did not rely on US government assistance. Instead, the company delivered a blueprint for future growth to the US government, including plans to commit to electric and hybrid technology by 2012, to which they were provided a bridging loan by the US government, which Ford aim not to use.
It is hoped that Ford’s turnaround in Europe will be the spur for the company’s recovery, having made losses for several years and with some within the industry fearing the company would at one stage collapse.
Ford’s growth in Europe may be in some aspects down to it disbanding the ‘Premier Automotive Group’ with prestigious, but loss making brands such as Aston Martin, Jaguar and Land Rover being sold.
Ford Europe have launched successful new models during 2008, with new versions of the Ka and Fiesta proving popular, whilst the updated Ford Mondeo is one of the class leaders in the family car market.
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