COMMENT: Ford: new accounting shows problems in Europe
New accounting practices that rely on division-specific pretax profits reveal a hefty loss for Ford's European unit. The new figures run counter to the company's previous profit results. This revelation will undermine market confidence and further add to Ford's troubles. Ford has revealed that its European division and the Premier Auto Group made a combined loss of $US1.6 billion last year, with Ford of Europe losing $700 million alone. The Premier Auto Group controls worldwide sales of luxury European brands such as Volvo, Aston Martin and Jaguar. In addition, it has emerged that the European unit has been in the red for the last three years.
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