Ford: European Loss to Top $1.5 Billion This Year

Ford Motor Co., which predicted last year that its European operations would lose $3 billion in 2012-2013, now projects a larger loss for that unit.

CFO Bob Shanks tells an investor conference in Detroit that Ford lost more than $1.5 billion in Europe last year and expects a similar deficit in 2013. He did not say how much larger the two-year total would be than the company's earlier forecast.

The company expects its European business to begin improving next year and become profitable by mid-decade, Shanks reiterates.