Ford,General Motors profit dips
Ford,General Motors profit dips due to poor European
sales.US automakers General Motors and Ford are reporting a sharp
decline in profits because of poor sales in Europe.GM’s profit better
because its European division, which includes money-losing German
subsidiary Opel, reported a loss of $361 million, a big dip from the
$102 million that GM made in Europe a year ago, more than $500 billion
that many analysts expected it to have lost after rival Ford (F)
reported a shocking $404 million loss in Europe last week.
GM revealed on Thursday that its net income for the second-quarter
was down 41 percent from a year earlier.The major factor behind the drop
was negative earnings reported by its European division following poor
sales.European losses also sent Ford’s net profit declining 57 percent
year-on-year.
But Chrysler returned to the black from negative earnings a year earlier.The company says decreased dependence on the European market, along with brisk sales in US and Canadian markets put it on the road to recovery.
But Chrysler returned to the black from negative earnings a year earlier.The company says decreased dependence on the European market, along with brisk sales in US and Canadian markets put it on the road to recovery.
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