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]
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Reader Comments (Page 1 of 1)
akintz 2:51PM (3/06/2007)
Not surprising to me that Ford Europe turned a profit... they appear to sell nice cars.
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Bob R. 3:12PM (3/06/2007)
YES!! GO FORD!!
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Nick 5:06PM (3/06/2007)
the turnaround begins (in Europe)
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Bryan 3:56PM (3/06/2007)
Nice, the turnaround is showing some signs of life! I still think it is stupid to sell Aston, they will regret it just like GM killing off Olds. Aston is good press for Ford..why sell it?
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Tony 6:14PM (5/04/2007)
#3
GM absolutely and positively does not regret getting rid of Oldsmobile.
They have never said they are.
You are making this up.
Maybe continue on about how DaimlerChrysler regrets killing Plymouth then?
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Jayson 4:26PM (3/06/2007)
Ford should get rid of Jaguar. Thats it. There is a good buyer for it too in UBS.
Ford should be:
Ford, Mercury, Lincoln, Aston, Volvo
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SobeSVT 5:25PM (3/06/2007)
Finally some good news. Hopefully Ford of Europe will lead the rest of the corporation to a sound recovery.
http://fomoconews.com
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Cap'n Jack 5:01PM (3/06/2007)
#5, what about Mazda and Land Rover?
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Bryan 4:55PM (3/06/2007)
Hey #4 yes they did, they said they should have never gotten rid of it. Maybe it was Lutz but I have a pretty good memory. I know I have read it somewhere! Olds had a huge following, it should have never left. A lady at my last job said she always bought them, but when they left, she tried Nissan. Of course after having to replace things such as lightbulbs costing 100's of dollars, she is going to Buick next. I don't make stuff up, I am probably one of the most honest on here!
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Ben 5:06PM (3/06/2007)
#6 .... Bryan ... your weird.
WOW ... a lady from your last job bought Oldsmobiles. Stop the press !! GM ... reverse your decision !! Someone has been buying your Oldsmobiles !! WOW !!
Now if only there were a "few hundred thousand" people like her. THEY WERE "NOT" SELLING BRYAN ....
GET IT !!
As for Ford ... Good on you Ford. Keep it up. I do think that they made the right decision to see Aston M. Now they can concentrate on one high end car AKA Jaguar and not be competing against themselves.
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NoNameDenton 1:52AM (3/07/2007)
Maybe the people who run Ford of Europe should take over running North America operations and design. Ford is not completely selling Aston Martin, they will keep at least a 15% share in the company, meaning they still make money off of it. Ford screwed up Jag by dumping money into it, but never updating the car designs and technology, but now that is turning around and Jag should show a nice profit with its great new products.
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Ben 3:40AM (3/07/2007)
#6 Bryan ... my appologies !!
I was rather sarcastic and it was not called for. Sorry ....
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dan 3:10PM (3/07/2007)
great news for ford al last by the way land rover is the profitable part of the jaguar landrover partnership. lets hope that jag starts turning things around with its great new line up. land rover should increase its sales and profits with the new freelander which is a beaut and also the new defender which is\ still going strong after more than 50 years and will have a new engine seats and facia
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