Ford Motor on track to make European profit

Ford is on track to make a profit in Europe for the first time since 2010.
Ford is on track to make a profit in Europe for the first time since 2010.

Ford Motor Co. says it remains on track to make a profit in Europe next year despite the fragile economy.

Ford hasn't earned a pretax profit in Europe since 2010, and it lost $1.6 billion in the region last year. But Ford Europe president Stephen Odell said Wednesday that three plant closures and more than a dozen new products are helping reverse that.

Ford's sales are up 6.6 per cent in Europe this year, outpacing the industry. Commercial vehicle sales rose 21 per cent in June after Ford launched new vans, and Odell said Europe's first 500 Mustang sports cars sold out in 30 seconds.

Odell says the eurozone's high unemployment of around 12 per cent inhibits the economic recovery there. He predicts a modest, slow recovery over four to five years.

-AP

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