Fleet News

Earnings boost

FORD has announced European earnings of $310 million, up from $153 million from a year ago for the second quarter of 1998 with first half earnings totalling $540 million, up from $278 million a year ago. Chairman and chief executive officer Alex Trotman said the improved financial performance of the company in a 'brutally competitive market' was the result of steadily improving quality, the launch of exciting new products and lowering costs.

Meanwhile, General Motors, Vauxhall's parent company and the world's biggest car maker, said that strikes at two of its American plants now in their 40th day had cost it almost $1.2 billion in the second quarter accounting for most of the drop in net income to $389 million in the quarter against $2 billion in the same period last year.

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