AUTOMOTIVES/POLITICS - The Ford Motor Company, the only one of the Big Three American automakers who did NOT receive a buyout from the United States government, has posted a billion dollar profit today.
Wall Street and other financial markets are up an avrg. of 2% today as the surprise good news spread of Ford's third quarter profit of $997 million USD, and they didn't even need government money to do it.
Ford has been moving aggressively on cutting back on materials costs, to the tune of $200 million. It also won concessions from unions that resulted in another $300 million in savings. Ford's United States market share rose by 2.2% to 14.6%, resulting in extra profits too.
Ford's stocks are also up today, by 8.39% to $7.58 USD. Ford is up a sum of 12% since April, the height of the automotive industry's financial crisis.
Chrysler and General Motors meanwhile are still in the red. Its expected however that once cost saving measures are in place that they will begin to turn a profit again.
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