Ford Motor Company recently announced that the automaker posted a net income of US$2.1 billion for the first quarter of 2010. Of that figure, US$1.2 billion was from Automotive operations. This contrasts with the same quarter in 2009, in which Ford lost over US$2 billion.
Credit for the boost in earnings was given to the improving economy and Ford’s strong lineup of new models, including the just-launched Fiesta subcompact, the Fusion hybrid sedan, Mustang performance models, and the funky-cool Transit Connect small van. Ford has improved its U.S. market share to 16.6% overall and a 14.1% retail share.
At the end of March, Ford entered into a definitive agreement to sell Volvo and related assets to Zhejiang Geely Holding Group for $1.8 billion, subject to customary purchase price adjustments. The sale is expected to close in the third quarter of 2010. As a result of the agreement to sell Volvo, all of Volvo?s 2010 results are being reported as special items and excluded from Ford?s general operating results.