Ford blames Brexit for losses

Auto Express - - News -

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

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