AM Online

Ford blames losses on September 11 attacks

Ford Motor Company has reported third-quarter losses of $502m (£346m).

The results marked the first back-to-back quarterly losses since 1992 for the company. Ford reported an operating loss of $551m (£380m) in the second quarter.

In the 2000 third quarter Ford reported earnings of $994m (£685m).

In a statement Ford president and chief executive Jacques Nasser said: "This was a difficult quarter, as our results were affected by an uncertain and slowing US economy, compounded by the tragic events of September 11. The US economy continues to be marked by uncertainty, making it difficult to predict future vehicle demand."

In Europe Ford lost $24m (£16.6m) in the third quarter, compared to a loss of $221m (£152.6m) a year ago. (October 17, 2001)



If you are not a registered user your comment will go to AM for approval before publishing. To avoid this requirement please register or login.

Comment as guest


Login  /  Register

Comments

No comments have been made yet.