Ford makes $1bn in Europe

Ford of Europe has reported a pre-tax profit of just over $1bn (£700m) for 2008.

Profits for the first half of the year soared to $1.37bn (£950m) but declined in the second half of the year, with the company recording a $261m (£182m) loss.

Its record profit in Europe, up from $997m (approx. £700m) in 2007, is in stark contrast with Ford’s global loss for the fourth quarter of 2008.

The company lost $5.9bn (£4.1bn) in the last quarter of 2008, and a total of $14.6bn (£10bn) for the whole year.

Ford now intends to draw on $10bn (£7bn) of additional credit, which is expected to reach the company by Tuesday.

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George Barrow