- 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.



Click to Read More

Click to Hide