Ford profits fall 57% on European losses

Jul 25, 2012, 5:06 PM EDT
Ford celebrated the Cortina's 50th anniversary with a banger race but profits are being battered overseas

It now expects to lose $1bn in Europe this year, up from a previous forecast of $500-600m.
Chief executive Alan Mulally told analysts that Ford was reviewing all aspects of its business in Europe.
The US's second biggest car company alsowarned that its full-year profits would be lower than forecast.
The group also said it expected profits in South America to be "substantially lower" this year.
Ford shares remained at two-and-a-half year lows of $9 in early New York trading.