Ford blames Brexit for losses
FORD has laid the blame for the $86million (£65m) surprise loss it has suffered in Europe squarely at the door of Brexit.
The company’s chief financial officer, Bob Shanks, said the loss was “nearly completely explained by Brexit effects”, although he added that the cost of the new Fiesta’s launch had also had an effect.
When asked what Shanks was referring to, a Ford spokesman told Auto Express that the fall in the value of the pound following Brexit was “the predominant cause of these losses”.
However, the company added that the loss was not far out of line with expectations set at the start of the year.
“Ford’s £65million European loss can be nearly totally explained by Brexit effects”
FIESTA COSTS Launch of new Fiesta had effect