Ford Motor Co. may finally be turning the corner after years of losses in its European operations. But while things are generally moving in the right direction, Ford’s new European President Jim Farley warns that the carmaker is facing what he calls the big “squeeze.”
The Detroit maker, like crosstown rival General Motors, has been struggling for years to turn things around in Europe. Though it had hoped to approach breakeven last year, Ford still posted a $433 million European loss during the final quarter of 2014, and $1.1 billion for the full year.
It remains to be seen if it can meet its target this year. But there’s clear momentum, stressed Farley, during an interview in Geneva. “We’re going to make progress, despite the headwinds, in our financials.”