Results are an improvement on last quarter, says car maker
24 April 2009

Ford has posted a loss of $1.4 billion (£0.96 billion) for the first three months of this year as it struggles with falling sales.

This was an improvement on the fourth quarter of 2008 (when it lost £4 billion), but compares with a net income of $70 million (£48m) in the first quarter of 2008.

After announcing the figures the manufacturer said it was still on track to meet its financial targets and the loss was better than analysts had predicted.

Ford has managed to launch a number of new models recently, including the Ford Fusion, Fusion Hybrid, Mustang, Focus RS and four-door Fiesta.

Ford President and CEO Alan Mulally said: “Our results in the first quarter reflected the extremely difficult business environment and weak demand for autos around the world.

“Despite the challenges, Ford made strong progress on our transformation plan by gaining share with strong new products, slowing operating-related cash outflows, reducing outstanding debt, lowering our structural costs and reaching new agreements with the UAW.”

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