With most major U.S. automakers filing for bankruptcy, Ford is beginning to see a reversal of fortune in the difficult economic times. Ford reported a net income of $997 million dollars in the third quarter. This is the first profitable quarter for Ford since the beginning of 2008.
“Our third quarter results clearly show that Ford is making tremendous progress despite the prolonged slump in the global economy,” Alan R. Mulally, Ford's chief executive, said in a statement. “While we still face a challenging road ahead, our One Ford transformation plan is working and our underlying business continues to grow stronger.”
Ford cites an increase in sales from the cash for clunkers program as the main reason for the third quarter profit. Difficult times faced by other automakers have also helped Ford, which has remained fairly stable in these difficult times. Ford expects to maintain profitable earnings through 2011.
