Reuters reports that Ford Motor Co. said on Tuesday it was looking for a better performance in Europe in the second half of 2003 and would do whatever was necessary to meet its full-year earnings targets.
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“We will take whatever actions are necessary,” to meet the targets, Ford President Nick Scheele said at the Frankfurt auto show, according to Reuters.
Last month Scheele said that the company will post better results for its European operations in the second half of the year after recording surprisingly weak results in the second quarter.
Ford lost $US773 million, before taxes, in the first half of this year in Europe, including a loss of $525 million in the second quarter as results were hit by lower vehicle prices, heavy competition and currency fluctuations.
Scheele reiterated last month that Ford’s goal this year remains to earn 70 cents per share. Ford has been forced to raise its cost-cutting goal this year to $2.5 billion to meet its earnings target and, to the end of June, had cut $1.9 billion in costs.
