Ford Joins GM in Europe Morass Losing Combined $1 Billion: Cars
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General Motors Co. and Ford Motor Co., struggling to reverse growing losses in Europe, will each post plunging profits this week as they take different paths to fixing their operations in that economically ravaged region.
Ford, which will post third-quarter results tomorrow, said Oct. 25 that it’s closing three factories in Europe and cutting 6,200 jobs, or 13 percent of its workforce there. GM, which announces third-quarter results Oct. 31, said last week it would develop small and mid-size cars, vans and utility vehicles with PSA Peugeot Citroen, in which it took a 7 percent stake in February in an alliance aimed at cutting losses by sharing costs.