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Ford unveils several new models Ford unveils new models in drive for European growth
(about 1 hour later)
Carmaker Ford has launched a string of new models, including the latest versions of its best-sellers Fiesta, Mondeo and Kuga. Carmaker Ford has unveiled a string of new models, including revamped versions of its best-selling Fiesta, Mondeo and Kuga brands.
A new family of Transit commercial vehicles was also being unveiled, as well as two completely new vehicles whose names have yet to be revealed.
The wave of new models is designed to revive sales in Europe.The wave of new models is designed to revive sales in Europe.
It comes soon after the US carmaker warned its European operations could suffer $1bn (£630m) losses this year. There is a new family of Transit commercial vehicles, and the launch in Europe of the Ford Mustang, the US sports car.
European relaunch It comes after the US carmaker warned its European operations could suffer $1bn (£630m) losses this year.
Ford launched its new version of the Fiesta with technology features, such as voice-activated phonecalls and music selection using Bluetooth or a USB. But Ford of Europe chief executive Stephen Odell, speaking at the launch in Amsterdam, said Europe offered tremendous growth potential in the long term.
The new model will also contain a system that connects drivers to local emergency services operators after an accident. "While others are backing off or cutting product investments, we at Ford are accelerating the introduction of new products," he said.
And it will debut Ford's MyKey technology in Europe, which aims to increase safety by configuring maximum speed and audio volume limits, and muting audio until seatbelts are fastened. The product changes planned over the next two years include:
Both the new Fiesta and its new Mondeo model will have a new 1.0-litre engine that aims to boost fuel efficiency.
  • A re-designed Fiesta that will feature new technology, including Bluetooth connectivity and a system that links drivers to local emergency services after an accident
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  • A new Mondeo which Ford says will move the brand upmarket
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  • New sports utility vehicles, including an revamped Kuga
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  • A complete redesign of the commercial vehicle range
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  • The introduction in more brands of latest technologies, including inflatable rear seats, more fuel efficient engines, and driver-assist functions
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'Surprisingly poor''Surprisingly poor'
Ford's share price has fallen sharply in recent months, reflecting the carmaker's difficulties.Ford's share price has fallen sharply in recent months, reflecting the carmaker's difficulties.
During winter, the stock was trading close to $13. Since spring, it has been slipping and it is now trading closer to $9.During winter, the stock was trading close to $13. Since spring, it has been slipping and it is now trading closer to $9.
"The surprise to many is how poorly Ford is doing," observed IHS Global Insight in an analysis on 26 July."The surprise to many is how poorly Ford is doing," observed IHS Global Insight in an analysis on 26 July.
Ford's financial performance during the April to June quarter revealed that "North America is the only place in the world that Ford performed well", according to the analysts.Ford's financial performance during the April to June quarter revealed that "North America is the only place in the world that Ford performed well", according to the analysts.
In Europe, Ford's sales fell almost 10% during the first half of 2012 to its lowest level in 17 years.In Europe, Ford's sales fell almost 10% during the first half of 2012 to its lowest level in 17 years.
During the same period, South Korean rivals Hyundai and Kia saw sales surge, up 12% and 25% respectively.During the same period, South Korean rivals Hyundai and Kia saw sales surge, up 12% and 25% respectively.
However, Ford estimates that the European car market, including Russia, is expected to expand 20% in the next five years to 23 million vehicles.
Alan Mulally, president and chief executive of Ford, said: "Even with the near-term business environment, Europe presents a significant opportunity for profitable growth. Today, we are accelerating the introduction of our new products in Europe."
Sustainable productivitySustainable productivity
Despite this, the latest figures from the UK's Society of Motor Manufacturers and Traders (SMMT) showed that the Ford Fiesta was the UK's best-selling car model in August, while the Ford Focus was the third most popular car. Figures from the UK's Society of Motor Manufacturers and Traders (SMMT) published on Thursday confirmed that the Ford Fiesta was the UK's best-selling car model in August, while the Ford Focus was the third most popular car.
The SMMT added that the Ford Fiesta is the UK's best-selling car so far in 2012.The SMMT added that the Ford Fiesta is the UK's best-selling car so far in 2012.
German consulting firm Roland Berger said that, while it believes up to 10 car factories across Western Europe could close in the next few years due to production running below capacity, Ford is one of only two carmakers it thinks may escape that fate.German consulting firm Roland Berger said that, while it believes up to 10 car factories across Western Europe could close in the next few years due to production running below capacity, Ford is one of only two carmakers it thinks may escape that fate.
"Apart from Volkswagen and Ford, other manufacturers are posting productivity rates in their plants that are unsustainable - and the market will not recover," said Roland Berger consultant Max Blanchet."Apart from Volkswagen and Ford, other manufacturers are posting productivity rates in their plants that are unsustainable - and the market will not recover," said Roland Berger consultant Max Blanchet.
Ford believes that new models should help it fight the longer-term slump. It says it expects the Fiesta to become the world's best-selling car, overtaking Toyota's Corolla.Ford believes that new models should help it fight the longer-term slump. It says it expects the Fiesta to become the world's best-selling car, overtaking Toyota's Corolla.
The company has also announced that it will export engines it builds in India to Europe for the first time.The company has also announced that it will export engines it builds in India to Europe for the first time.
Ford expects to have the capacity to build 600,000 engines across its two Indian plants by 2015.Ford expects to have the capacity to build 600,000 engines across its two Indian plants by 2015.