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Ford’s Premier Auto Group was profitable in 2007 as Jaguar and Land Rover , which are now on the auction block, ended the year in the black. The small profit offset losses at Volvo, which was badly hurt by the decline in the value of the U.S. dollar. Don Leclair, Ford’s chief financial officer, disclosed the information about Ford’s three European brands Thursday as the company reported a net loss of $2.7 billion for 2007. Ford’s losses for the past two years now exceed $15.3 billion and the company does not expect to be profitable in 2008, Ford executives said, citing the continuing pressure from slow economic growth in the U.S. Leclair and Ford president and CEO Alan Mulally reiterated while Ford will proceed with the sale of Land Rover and Jaguar, it is planning hang on to Volvo despite the new operating loss and a one-time write-off of $2.4 billion linked to the sliding dollar. Ford didn’t disclose the size of the operating loss. The red ink is certain to increase pressure on Volvo...
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