Estimated read time: Less than a minute
This archived news story is available only for your personal, non-commercial use. Information in the story may be outdated or superseded by additional information. Reading or replaying the story in its archived form does not constitute a republication of the story.
DEARBORN, Mich. (AP) — 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 percent in Europe this year, outpacing the industry. Commercial vehicle sales rose 21 percent 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 percent inhibits the economic recovery there. He predicts a modest, slow recovery over four to five years.
Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.