Complex Made Simple

Ford sees $1bn loss in Europe, sales at 20 year low

Ford Motor Co has doubled its forecast for losses in Europe, citing a deepening economic crisis that has pushed overall auto sales to their lowest level in nearly 20 years, Reuters has reported. The automaker now expects to lose more than $1bn in Europe. Earlier this year, Ford forecast an annual loss of between $500m and $600m. "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," chief financial officer Bob Shanks said.