Ford announced a second-quarter net profit of $1 billion, which was better than analysts expected. That’s the good news. The bad news is that Ford expects to lose more than $1 billion in Europe this year. Earlier this year, Ford forecast an annual loss of between $500 million and $600 million, Reuters says.
“As we look over the next five years and lay out all of our plans for our business, we just think the situation in Europe is going to be challenging,” CFO Bob Shanks said today.
Ford lost $404 million in Europe in the second quarter.