Europe Losses Mounting:
Ford delivered a mild surprise to analysts by forecasting a greater than expected loss in Europe. The company says it now expects to lose $2 billion in 2013 in Europe. That is an increase from the company's previous guidance of losses totaling $1.75 billion. Why the greater losses? Ford says it's because the European auto market as a whole continues to slide. The lower volume combined with a stronger Euro means Ford will incur greater losses, even as it moves toward closing plants and cutting costs in Europe.
Ford is standing by its turnaround plan to be break-even in Europe by 2015. "This year will be the trough in losses in Europe," said Shanks.
Despite Fords optimism that its European operation is on track to ultimately get back in the black, the greater than expected losses this year are a disappointment for auto analysts. For that reason, many expect Ford shares to be under pressure in the near future.
(Read More: Ford doubles dividend to highest in 7 years)
—By CNBC's Phil LeBeau; Follow him on Twitter @LeBeauCarNews
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