Photo: autoevolution
We already know that Ford is not doing very well at the moment, especially in Europe, where it only expects to turn a profit from 2015 onward, working at a loss until then, reporting losses of $500 million in the third quarter of the year. GM is also reporting losses of $500-million, thus bringing their combined loses at $1-billion, according to estimations by Bloomberg.
Now, GM posted losses despite having bought a 7% share in the PSA Peugeot-Citroen group, thus further assuring its footing in Europe - the deal will be complete on October 31st. However, we still don`t know if the move will actually help GM or not, and with Euro car sales plummeting, quite possibly to their lowest level in 19 years, the outlook is frankly quite grim.
Ford has had to take very drastic measures to stay afloat, cutting some 6,200 jobs throughout the Old Continent - 13% of their entire workforce in Europe. They even moved production of the new Mondeo from Genk in Belgium, the spiritual home of all Europe-bound big Fords, to Spain, and will be closing down the Belgian plant in 2014.
Story via bloomberg.com
Ford has had to take very drastic measures to stay afloat, cutting some 6,200 jobs throughout the Old Continent - 13% of their entire workforce in Europe. They even moved production of the new Mondeo from Genk in Belgium, the spiritual home of all Europe-bound big Fords, to Spain, and will be closing down the Belgian plant in 2014.
Story via bloomberg.com
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