Ford announced profit of $1bn

USA’s only major car maker that avoided bankruptcy, Ford have announced income of $997 million in the third-quarter.

This means that the company has announced profits for the first time since early 2008

Alan Mulally, the chief executive officer who kept Ford out of administration helped increase market share of the auto giant. The company announced there first quarterly net profit under Mulally and have also got their hopes high for 2011, with major profits expected.

Car brands such as the Ford Focus, Ford Fiesta, Ford Mondeo and Ford Escort have helped greatly in turning the company around along with the truck and van lines that Ford have.

Bernie McGinn president of McGinn Investment Management of Alexandria, Virginia, that owns 320,000 Ford shares said “Ford has announced profit of $1bn and is a company that’s well into a turnaround, they did it by themselves and didn’t take government money. That gives people a good gut feeling and they’re being rewarded for that. Ford Focus, Ford Fiesta, Ford Mondeo and Ford Escort have helped greatly to up sales”

Ford have made discounts on their vehicles worth $1.9 billion in the third quarter and sold a mix of cars and trucks with more cheaper pricing and pricing deals. Experts say Ford announcing profits of $1bn is not a surprise and that brands such as Ford Focus, Ford Fiesta, Ford Mondeo and Ford Escort along with the truck and van lines that Ford have has helped greatly.