Ford hit by sales slump in Europe

GM Loses Global Car Sales Lead to Toyota Again Auto sales have recovered in the US, but GM once again has dropped out of the top spot globally. CNN Money reports GM loses global sales title to Toyota, again. General Motors fell to No. 2 in the global auto sales race, even as 2012 was its best year for sales since 2007.

Losses on overseas operations and a higher tax burden took a toll on Ford Motor Company in the first quarter, the US auto giant reported on Friday.Ford posted a sharp 46 percent fall in net income from the year-earlier quarter to $1.4 billion despite surging US sales.The company said higher tax expenses were to blame for much of the fall, but also lower sales volumes in Europe and earnings downturns in other regions.Earnings per share were 35 cents, down from 61 cents a year earlier.

European car registrations had their worst January on record - an 8.7% year-over-year decline - as consumers hit by austerity are likely to continue to limit spending on big-ticket items.

Carmaker Ford announces a loss of $1.4bn for the first three months of this year as sales were hit hard during the recession.

Even as car sales across Europe have plummeted in recent years, automakers could count on Germans to buy with little discounting. Now, at least one dealer is resorting to Groupon Inc. coupons to boost sales. AK Autoport Koeln GmbH, a dealer in the western city of Cologne, is offering a 99-euro (US$130) Groupon voucher entitling buyers to a discount of 5,450 euros on a 2013 Ford Fiesta — a price break of about 32%.

Credit Agricole SA bank, one the biggest banks in Europe by capitalisation, reported a 75.0-percent drop in first quarter net profit on Friday, hit by its exposure to the Greek debt crisis.The bank reported a net profit for the first quarter of 252 million euros ($325.0 million).The result was far lower than analyst estimates, who had forecast quarterly earnings of 482 million euros, according to a survey by Bloomberg.

The Canadian auto industry has seen incredible growth in 2012, and we are pleased that Ford of Canada has outpaced it in November TORONTO — Ford Canada is on the road to taking the title of Canada’s best-selling automaker this year, after reporting its best November in more than a decade and taking first place for sales for another month. The Oakville, Ont.-based subsidiary of one of Detroit’s big three automakers said Monday that its November sales rose to 19,447, up 7.4% from a year ago, marking its best November since 2001.