Ford Forecasts Big Losses In Europe

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Ford expects to lose about $1 billion on its European operations this year. The automaker says European vehicle sales are down 20 percent since 2007, and it will have to close down some of its European factories. Up to 5,000 jobs could be lost.

RENEE MONTAGNE, HOST:

NPR's business news starts with Europe having car trouble.

Ford executives said today the company will lose about $3 billion on its European operations between this year and next. That and other details about restructuring in Europe came out of a conference call this morning. The automaker says European vehicle sales are down 20 percent since 2007, and Ford will have to close three factories, cutting more than 5,000 jobs. This is the third time this year that a large automaker has announced it will close its European plants. Car sales are way down in Europe as the economy continues to sag there.

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