- Mar 6, 2007
Premier Auto Group and Ford Europe to turn profit in 2007
Ford Motor Company has received a lot of negative press the past couple of years, so we think any good news is definitely worth reporting. After years of losses from its Premiere Automotive Group (PAG), Ford is finally expecting a 2007 profit. PAG's good news actually started in the 4th quarter of 2006 when the luxury unit posted a $191 million profit.
PAG will generate money for Ford with the upcoming sale of Aston Martin, as well. Ford head of Europe Lewis Booth pegged the timing of the pending sale as 'this year'. A Reuters source priced the sale at more than $865 million.
Ford of Europe will also see another year of positive financials after making a profit of $469 million in 2006 and $73 million in 2005. We think new models like the Mondeo, Volvo S80, and Land Rover LR2 can only help Ford's overseas operations in 2007. Now if they could just fix that pesky North American division.
[Source: Automotive News - sub. req'd]