In the video below, analyst Brendan Byrnes discusses Europe and how it has been affecting the major U.S. automakers. It's been a disaster for both Ford and GM over the past few years, but it looks like there might be a hint of light at the end of the tunnel.

Ford's Europe president has said that the industry may have hit bottom, which would be great news for both automakers. In Ford's case, the company lost $1.75 billion in Europe in 2012. Think about it this way: If the company would have broken even, that's a 30% increase on its $5.6 billion in earnings right there.

Of course, Ford isn't projecting to break even in Europe until mid-decade, but it shows how important it is for the company. We chat more about how Europe affects both of these automakers in the video below.