Ford has posted a third-quarter profit that trounced Wall Street forecasts, driven by higher vehicle prices and record profit margins of 12% in North America. The second-biggest US carmaker’s strength in North America offset the effects of the sharp industry downturn in Europe – where Ford expects to lose at least $3bn (£1.9bn) over the next two years – as well as its lagging position in growth markets, such as China.
Last week the carmaker shed 6,200 jobs across the European continent with the closure of three sites including its Transit van factory in Southampton. Executives also left open the possibility of further actions if a recovery in Europe fails to materialise.
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