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Article: Ford hits top gear as the profits roll in.(Business)(Financial report)
- Article from:
- Daily Mail (London)
- Article date:
- November 3, 2009
CopyrightCOPYRIGHT 2009 Solo Syndication Limited. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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THE US government's 'cash for clunkers' scheme, cost cutting while nabbing market share, helped drive Ford to a surprise profit in the third quarter, writes Tamsin Brown.
And the Michigan-based car giant, which employs 35,000 people in the UK, expects to be 'solidly profitable' in 2011.
It had previously said it only expected to be break even or better.
Ford, which lost [pounds sterling]8.9bn in 2008, swung to [pounds sterling]609m net profit in the third quarter, from a loss of [pounds sterling]98m a year earlier.
The result was achieved despite a [pounds sterling]488m fall in revenues. The car maker chopped [pounds sterling]611m off ...