Ford of Europe to remain profitable in 2009, says CEO
inspirion7 submitted on 11/19/2008 Official Bell & Ross Timestamp: 11:56:09 AM
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COLOGNE, Germany -- Ford of Europe will remain profitable next year despite the "unprecedented" economic downturn, its boss said.
The division's third quarter pretax profits fell to $69 million from $293 million a year ago, while new-car sales are down 2.4 percent in the first ten months of the year to 1,548,000 units.
Ford Motor's chief financial officer Lewis Booth said given "current assumptions" Ford of Europe would be profitable next year.
John Fleming, CEO of Ford of Europe said: "I think the guidance Lewis said, and I support, is our plan to be profitable next year."
Fleming said this was assuming an overall European car market of 15 million cars, and 2.5 million in Russia and 600,000 in Turkey.
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