The European auto market has shown more signs of recovery from a six-year slump amid a collapsing Eurozone economy. However, analysts have given a cautious outlook for the European car market given the ongoing political uncertainties in the region stemming from the Ukraine-Russia conflict and depleted consumer confidence resulting from the economic slowdown.
Shares of Ford Motor Company (F) have been tumbling since reports hit media that the automaker has made cuts to its full-year profit outlook following troubles in Russia and North and South America, according to Mark Fields, president and chief executive at Ford, to Wall Street investors.
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.
By Seeking Profits:Shares of Ford (F) rallied 2% on Tuesday morning after the company reported a pretty solid quarter (press release available here). While Europe remains soft and Latin America faces new challenges, Ford continues to perform very strongly in the U.S.