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Old 10-25-2002, 09:35   #1 (permalink)
Mr. Embargo
 
Join Date: May 2001
Location: Embargoland
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Ford's German Unit May Not Be Profitable This Year

By Bret Okeson

Cologne, Germany Oct. 25 (Bloomberg) -- Ford Motor Co.'s German unit Ford-Werke AG may miss its goal of returning to profit this year, Financial Times Deutschland said, citing Bernhard Mattes, the unit's chief executive.

The German government's plans to increase taxes on company cars that are privately used by some 50 percent will depress demand, the newspaper quoted Mattes as saying.

Ford-Werke has predicted it would be profitable this year after a loss of 80 million euros ($78 million) in 2001. The carmaker this year has won market share in western Europe from General Motors Corp. and Volkswagen AG.

Company cars are replaced on average every two years, while private customers buy new cars every three to four years, FTD said.

(Financial Times Deutschland 10-25 p. 8)
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