Ford Motor records 69 per cent growth in third quarter

Ford Motor records 69 per cent growth in third quarter

Ford Motors is delighted with a growth of 69 per cent in its third quarter. The US auto giant recorded a net income of USD1.68 billion in its third quarter, compared to last year's July-September term which was USD 997 million. Ford accredited its success to its product, the gaining momentum in North American Market and also Ford Credit's continuous success in the midst of the crucial business circumstances. Ford has been performing very well in North America, Asia Pacific, Europe and Africa, other than South America. Alan Mulally, the President and CEO of Ford said that, the third quarter had a scaling growth and wants to stick to the One Ford Plan which has helped in the development of the US auto giant. He also added, Ford aims at bringing quality products and continuous improvements in the structure and planning of the company. Ford, the world renowned auto marker hopes to recover from the net debt by year end, seeing the impressive and continuous growth. In the third quarter, the auto giant has already repaid a debt of USD 2 billion. The company also owes USD 3.6 billion to United Auto Workers union plans to pay the debt of the retired trust for healthcare, by the end of this month. The third quarter of the Ford North America showed pre-tax operating profit USD 1.6 billion against the previous year's USD 1.3 billion. The revenue of the company rose to 16.2 billion from USD 13.4 billion comparing from the past years. From Ford's stable it is being heard that, the company has recorded 28 per cent increase in sales in Asia Pacific and Africa. The sales includes a 14 per cent increase in China owing to the demand of Ford Fiesta. In India Ford Figo sales graph showed 190 per cent growth. Ford Figo is now at the 5th spot among the largest selling car in India. The figures shows that, the sales of the hatchback was 6,456 beating Tata Indica, from the clan of Tata Motors. As per Ford, they will keep up with the momentum of the growing demand by coming with quality products. In 2011, the company plans to put impressive numbers on board with raising profitability.

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