The Auto Channel: North America | Europe

Ford Financial Health Misrepresented

12/24/96

Reuters reports that the Wall Street Journal has quoted Ford Motor Company as saying that its financial health in Europe and Brazil has likely been misrepresented due to glitches in its financial reporting systems. Jacques Nasser, president of Ford's worldwide automotive operations, said it would probably take three to six months before the company's financial reporting systems can catch up with the company's global product development reorganisation.

The Wall Street Journal reported that sources close to Ford say it lost $472 million in Europe during 1996's the third quarter--about $250 million more than anticipated. The paper also reported that the company's losses in South America widened from $102 million in Q3 1995 to $226 million this year.

Paul Dever -- The Auto Channel

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