Ford doubles profit in 2011

Ford said Friday annual profit doubled in 2010 to its highest earnings in more than a decade, as the second-biggest US automaker posted strong worldwide results and paid down debt.

For all of 2010, Ford reported net income of $6.6 billion, or $1.66 per share, up 135 percent from 2009.

The earnings came in below analysts' forecasts of $2.08 per share.

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"This was Ford's highest net income in more than 10 years, as strong products and new investments fueled improvements in all of the company's business operations around the world," the Dearborn, Michigan-based automaker said in a statement.

Ford, the only major US automaker that did not take a government bailout during the financial crisis, reported its seventh consecutive quarterly profit, despite a large charge related to paying down debt.

2011 In fast lane: Auto, car sales vroom 30% in May

NEW DELHI: New models and lower financing rates kept the momentum going for car sales that saw a healthy 30% growth in May. According to figures released by Society of Indian Automobile Manufacturers (Siam), car sales stood at 1.48 lakh units in May against 1.13 lakh units sold in the same month last year. The surge was led by strong performances by nearly all carmakers, including Maruti Suzuki, Tata Motors, Hyundai, Mahindra & Mahindra, GM and Ford. As many as 14 of the 16 carmakers who report to Siam recorded gains.

Overall, automobile sales in the domestic market — including three wheelers and commercial vehicles — grew 30% in May at 12.08 lakh units against 9.29 lakh units in the same month last year. Exports of vehicles grew even faster at 49.5% — despite fears of a demand slowdown in Europe.

The demand curve has been so strong that many models, mostly the newer ones, enjoy a waiting list in the market. Queries have been more for some of the newer models like Maruti's Eeco, Ford's Figo, GM's Beat and Volkswagen's Polo. Companies have been investing heavily to boost production. While the revival in the economy has been one of the biggest booster factors behind the resurgence after a brief period of lull around late 2008 lower rates also helped.

Review All-new Ford Taurus named 2010 Saudi auto ‘car of the year’

Ford's most innovative sedan, the all new Taurus, has been voted Saudi Auto's 'Car of the Year' 2010.

Leading Arabic language automotive magazine Saudi Auto gives its 'Car of the Year' award to the most outstanding new car sold in Saudi Arabia and the Gulf markets, as voted by an independent jury of professional automotive journalists.

"This is quite a coup for Ford Taurus and we thank Saudi Auto and the members of its jury for recognizing our flagship sedan as its 2010 Car of the Year. This is the first major Award for the Taurus in the Middle East, but based on the car's ability to turn heads and win fans, we are sure it won't be the last," said Larry Prein, Ford Middle East's Managing director.