Whilst General Motors is on it’s knee’s financially another American car maker- The Ford Motor Company- has announced huge profits of $2.3 billion, giving a little bit of hope to car manufacturers around the world.
The Detroit based company have reduced incentive spending around the world over the last year anf focused on increasing output in it’s North American factories, burning through around $1 billion in cash over the course of the year.
This years financial reports paint a much brighter picture than this time last year when the company made a loss of $8.67 billion over the same period.
Whilst many motor firms around the world have struggled to get through a recession which has seen demand for cars plummet Ford have set a prime example of how to work through troubled economic times, especially when compared to it’s struggling rival General Motors who are on the brink of extinction.
On the same topic General Motors are also continuing with their search for buyers for their troubled European car manufacturer Opel, who also own British based producer Vauxhall. Canadian car parts maker Magna are still favorites to takeover the troubled firm.