Ford of Europe and Premier Automotive Group will make money in 2005, Ford Motor Co. CEO Bill Ford says.
The two divisions are expected to break even at best this year.
Early this year, Ford Motor predicted that Ford of Europe would lose $100 million to $200 million before taxes for 2004. Europe is on pace to do slightly better, company officials said in October.
PAG was expected to earn $500 million to $600 million in pre-tax profits, but crisis at Jaguar ruined that plan. Jaguar lost nearly $800 million in the first half, sources have said. PAG lost $366 million pre-tax through the first nine months. In October, Ford officials predicted a break-even fourth quarter for PAG.
But both regions will turn a profit in 2005, Bill Ford told Automotive News.
"Our share in Europe is growing," he said. "When I look at how Ford of Europe has turned around dramatically, we've got a lot of the same players involved now in the Jag turnaround."
For Ford Motor and the industry as a whole, Bill Ford said he expects 2005 results to be similar to 2004.
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