- The Washington Times - Wednesday, April 24, 2013

Ford, Volkswagen and Daimler all took deep hits in profits Wednesday, as industry first-quarter results indicated the European recession was dragging down car sales.

Germany’s Volkswagen AG reported a drop of net profits of 38 percent to $2.5 billion. Daimler’s dropped 60 percent, The Associated Press reported. And Ford Motor Company, based in the United States, said it lost $462 billion in European sales. Ford executives called the outlook in Europe “uncertain,” AP reported, and projected total losses for the region this year could reach $2 billion.

And one more: French PSA Peugeot Citroen manufacturer reported steep sales drops, without releasing numbers, AP reported.

The car market in Europe has stalled for the last 18 months, AP reported.

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