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Ford Says Its Profits in Europe Will Nearly Quadruple This Year
Ford of Europe CEO Jim Farley predicts the unit will generate a profit this year of $1 billion compared with $259 million in 2015, Automotive News reports.
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Ford of Europe CEO Jim Farley predicts the unit will generate a profit this year of $1 billion compared with $259 million in 2015, Automotive News reports.
Earlier this year Ford targeted a $600 million profit in Europe for 2016. But Farley says that goal was surpassed by June. He credits the cost-cutting effect of closing three plants, reducing the company’s hourly workforce in the region and offering early retirement to about 10,000 salaried employees.
AN notes the profit gain will be tempered by a downturn in sales in the U.K. following Britain's vote last spring to exit the European Union. Ford estimates that Brexit will result in a $200 million drop in revenue this year, followed by annual reductions of $400 million-$500 million in 2017 and 2018.
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