2017-10-27 10:37
US car giant Ford has posted positive third quarter financial results, but its global performance was tarnished by a £65million loss in Europe – something the company’s chief financial officer considers a near-direct result of Britain’s looming exit from the European Union.
Ford posted a worldwide third-quarter net income of £1.2 billion for the period ending 30 September, with strong SUV and pick-up truck sales in America helping the company’s fortunes. Results in South America, Asia and the Middle East were also generally positive.
The picture in Europe was less rosy thanks to a £65million loss, however, and Ford’s chief financial officer, Bob Shanks, told reporters he’s fairly sure why this was the case: “Europe will be the only thing I can see in the results that will be a surprise” Shanks said, explaining that in his view the “decline is almost fully explained just by Brexit effects.”
Ford’s third quarter conference call report echoes Shanks’ claim, explaining the results are “due to Brexit effects”, but adding the costs associated with the launch of the new Fiesta also had an impact on the company's results in Europe.
Do you think it's fair for Ford to blame Brexit for its European woes? Let us know below...
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