Ford Profit Down 57% on European Losses
To blame for the losses is the European market, where the automaker is reportedly only using about two thirds of its production capacity due to the lack of demand.
Ford performed well in North America, recording a profit of $2 billion, representing an increase from last year’s results. However, the company swung from $176 million profit last year to $404 million loss this year.
"We are reviewing all areas of our business to address the near-term challenges, while ensuring we build a strong foundation for our future," said Bob Shanks, Ford executive vice president and chief financial officer.
"It is premature to discuss details of what our plans may be in response to the situation in Europe, but we will continue to communicate our plans at the appropriate times with all of our stakeholders," Shanks added.