SOURCE: Paragon Financial Limited
NEW YORK, NY--(Marketwire - Nov 1, 2012) - Auto manufacturers have continued to report strong U.S. sales despite concerns of a slowing global economy. Truecar.com estimates new light-vehicle sales in the U.S. will total 1,137,744 units in October, an 11.5 percent increase from October 2011. The Paragon Report examines investing opportunities in the Auto Manufacturers Industry and provides equity research on Ford Motor Company (NYSE: F) and General Motors Company (NYSE: GM).
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Auto manufacturers' strong sales in the U.S. have been offset by a slowing European market. Europe's struggling economy has seen car sales in the region drop to near 20-year lows. European auto sales have fallen from 18 million in 2008 to a projected 14 million in 2012. As production continues to outpace demand auto manufacturers have been forced to take drastic measures. Ford has recently announced that it plans to close 3 European plants, which would eliminate 5,700 and reduce production capacity by 18 percent. The company expects to lose in excess of $1.5 billion in Europe in 2012, an increase from their previous estimate of at least $1 billion.
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Ford recently reported its best third quarter ever, which was driven by strong U.S. sales. The company reported a third quarter record profit of $2.3 billion in North America, but recorded a loss of $468 million in Europe. "While we are facing near-term challenges in Europe, we are fully committed to transforming our business in Europe by moving decisively to match production to demand, improve revenue through new products and a stronger brand, improve our cost efficiencies and take advantage of opportunities to profitably grow our business," said Alan Mulally, Ford president and CEO.
General Motors have reported that they expect a full-year operating loss of $1.5 billion to $1.8 billion in Europe. The company believes its European business will see a slight improvement in 2013 and will break even by "mid-decade." GM's North American unit topped analysts' estimates in the third quarter with an operating profit of $1.82 billion.
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