Fleet News

Ford records £389m losses

BRITAIN'S fleet market leader Ford recorded a pre-tax loss of £389 million on turnover of £7,111 million last year. The figures - which compare with a pre-tax loss of £213 million on turnover of £6,401 million in 1995 - were blamed on increased competition and development expenditure by Ford at various UK plants and future UK-based projects.

Despite the losses, which compare with chief rival Vauxhall recently announcing pre-tax profits in Britain of £10 million last year on around £4 billion turnover, the company is optimistic for this year.

Alex Trotman, chairman and chief executive of Ford worldwide, said: 'We're working extremely hard to make sure total worldwide costs in 1997 at constant sales volume will be down from last year for the first time ever. In the first quarter alone, our total costs were $800 million below those for the same period last year. That's a good start - but it's only a start.'

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