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Ford Revs Up To Stem £3.7m Daily EU Loss

(c) Sky News 2014

The Ford Motor Company has stemmed quarterly losses in Europe by 21%, but it is still losing £3.7m a day.

It said $571m (£344m) was lost in the three months to the end of December.

That figure was down from the £441m European loss in the third quarter, which was equivalent to £4.79m a day.

However globally, Ford saw a 90% rise in fourth quarter profit of $3bn (£1.8bn), on revenue of $37.6bn (£22.67bn).

The 90% profit rise was achieved with a number of tax gains in the year, compared to the 2012 figure.

This included $2.1bn (£1.2bn) in accountable items, such as allowances held against US tax-deferred assets.

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Revenue for the second biggest American vehicle maker rose 3.6% in the last three months of 2013, compared to the same period in the previous year.

The profit rise was strengthened by increasing sales in North America, offset by the lower losses in Europe against weakening sales in South America.

"We had an outstanding year in 2013, demonstrating that our One Ford plan continues to drive solid results and profitable growth for all," Ford chief executive Alan Mulally said.

Ford's North America division accounts for nearly a third of total sales and while its quarterly sales were higher, profit was 9% lower due to price cuts.

That was exacerbated by $300m (£180m) costs to cover the recall of its Escape SUV.

Ford also saw better sales and deliveries in the Asia-Pacific-Africa sector, where its pre-tax profit hit a record of $106m (£63m).

That was up around three times the figure of the previous year.

The company considered 2013 "one of Ford's best years ever" as it and key rivals benefited from a sales surge in vehicles.

Total (NYSE: TOT - news) global net income for 2013 was $7.2bn (£4.34bn) on revenue of $146.9bn (£88.6bn), up 26.3% from 2012's of $5.7bn profit and $133.6bn revenue.

Ford now expects 2014 to give a similar profit return as last year.

:: Watch Sky News live on Sky channel 501, Virgin Media channel 602, Freeview channel 82 and Freesat channel 202.