Ford 3Q earnings more than double on demand for trucks
(AP) — Pickup trucks powered Ford Motor Co. to record North American results in the third quarter, and the company expects the trend to continue for a while.
The results were the strongest indication yet that Ford's risky decision to remake its best-selling vehicle as a lighter aluminum model is paying off.
Last week, GM posted a record $3.3 billion pretax profit in North America, driven largely by truck and SUV sales.
Truck sales should continue to be strong into next year and beyond, thanks to low interest rates, improving employment numbers and other factors, Ford CEO Mark Fields said.
Ford also recorded a one-time profit of $166 million with the public offering of Nemak SAB, a Mexican supplier of aluminum auto parts that Ford owns a stake in.
Ford lost money in Europe, South America and the Middle East but eked out a $20 million profit in Asia despite a $130 million hit from production cuts in China.