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Ford may have lost two billion dollars in Europe in 2012
Ford - which announced its withdrawal as a "title sponsor" in the WRC last October - has announced it expects to record losses of two billion dollars in Europe for 2012, and anticipates similar losses for 2013.
Worldwide, Ford is doing well, with sales up 7.5%. Workers in North America can expect profit-sharing bonuses after strong performance by the company there.
But across Europe, car sales are now at their lowest for 17 years, with the eurozone crisis identified as the major cause.
Like other mass producers, Ford is suffering: its sales in Europe are down 15.5%, with 1.35m cars sold compared to 1.6m in 2011.
The prospects for 2013 look equally gloomy: Ford saying it expects losses in Europe to equal 2012, though Bob Shanks, the chief financial officer, says the losses in the region should bottom out later this year, with a drive to close plants and introduce new models.
In October, Ford said it was making the decision to withdraw from WRC, as part of a review of its European business "in the current difficult economic environment".
