Ford CEO brushes off China slowdown fears
Ford CEO Alan Mulally said on Tuesday he was not overly concerned about a slowdown in growth in China, stressing it is still a "tremendous" market for the group.
Data showing China's economic growth slowed between April and June period, the second straight quarter of weaker expansion, have prompted fears of a prolonged slowdown. But Mulally brushed off those concerns.
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"China is the largest automobile market in the world and we're the fastest growing brand in China. Our best estimate right now is that [China] will continue to expand within that 6-8 percent (GDP) growth range."
In the second quarter of 2013, Ford reported a pre-tax profit of $2.6 billion. The company reported that Asia Pacific Africa delivered its best-ever quarterly profit while Europe incurred a loss but improved compared with a year ago and first quarter.
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Mulally said the company was also committed to the European economy, despite a general slump in car sales in the region.
"The Ford strategy in Europe is exactly the strategy around the world: to match our production to the real demand and the change in model mix - particularly to smaller more fuel-efficient vehicles," he said.
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"In Europe, we've seen a stabilizing of the economy and of the auto sales...Europe is a tremendous market for us...so we're going to continue to serve the European customers."
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