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Analyst Expects Bigger Ford, GM Losses in Europe
Citigroup's research arm predicts Ford Motor Co. and General Motors Co. will lose more money in Europe this year than the companies have forecast, the Detroit Free Press reports.
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Citigroup's research arm predicts Ford Motor Co. and General Motors Co. will lose more money in Europe this year than the companies have forecast, the Detroit Free Press reports.
The newspaper cites a report by Citi analyst Itay Michaeli, who now expects Europe's auto sales to drop 10% in 2013 double the consensus outlook.
Michaeli deepened his loss estimate for Ford of Europe by $300 million (€230 million) to a total of $2.4 billion (€1.8 billion) this year. The company posted a $1.8 billion (€1.4 billion) operating deficit in Europe last year and has predicted $2 billion (€1.5 billion) of red ink there in 2013.
Michaeli expects GM Europe to lose $1.5 billion (€1.2 billion) this year, $200 million (€153 million) worse than his previous forecast. The company, which recorded a $1.8 billion (€1.4 billion) deficit in the region in 2012, has said its European results would be slightly better this year.
The analyst remains bullish on the North American prospects of both companies, according to the Free Press.
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