DEARBORN, Mich. (AP) -- Ford Motor Co. says it remains on track to make a profit in Europe next year despite the fragile economy.
Ford hasn't earned a pre-tax profit in Europe since 2010, and it lost $1.6 billion in the region last year. But Ford Europe president Stephen Odell said Wednesday that three plant closures and more than a dozen new products are helping reverse that.
Ford's sales are up 6.6% in Europe this year, outpacing the industry. Commercial vehicle sales rose 21% in June after Ford launched new vans, and Odell said Europe's first 500 Mustang sports cars sold out in 30 seconds.
Odell says the eurozone's high unemployment of around 12% inhibits the economic recovery there. He predicts a modest, slow recovery over four to five years.
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