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 pretax profit in Europe since 2010, and it lost $1.6 billion in the region last year. But Ford Europe president Stephen Odell said Tuesday that three plant closures and more than a dozen new products are helping reverse that.
Ford's sales are up 6.6 percent in Europe this year, outpacing the industry. Commercial vehicle sales rose 21 percent 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 percent inhibits the economic recovery there. He predicts a modest, slow recovery over four to five years.