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| Ford raises annual profit forecast | Ford raises annual profit forecast |
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| Ford has raised its profit forecast for the year amid continued strength in its home market. | Ford has raised its profit forecast for the year amid continued strength in its home market. |
| Previously the company said that profits this year would match last year's, but Ford now expects to exceed the $8bn made in 2012. | Previously the company said that profits this year would match last year's, but Ford now expects to exceed the $8bn made in 2012. |
| Third quarter profit fell 22% to $1.27bn (£780m), but that included a $250m charge to reorganise its business in Europe. | Third quarter profit fell 22% to $1.27bn (£780m), but that included a $250m charge to reorganise its business in Europe. |
| Ford's North American unit reported a profit of $2.3bn for the third quarter. | Ford's North American unit reported a profit of $2.3bn for the third quarter. |
| In a statement with the results, Bob Shanks, chief financial officer, said: "We substantially reduced our losses in Europe, set a record third quarter profit in Asia Pacific Africa and saw a $150m improvement in South America." | In a statement with the results, Bob Shanks, chief financial officer, said: "We substantially reduced our losses in Europe, set a record third quarter profit in Asia Pacific Africa and saw a $150m improvement in South America." |
| Losses in Europe narrowed to $228m in the third quarter, an improvement on the same quarter in 2012 when it lost $470m. | Losses in Europe narrowed to $228m in the third quarter, an improvement on the same quarter in 2012 when it lost $470m. |
| According to Mr Shanks, car sales in Europe will see "very, very modest growth" in the near term. | According to Mr Shanks, car sales in Europe will see "very, very modest growth" in the near term. |
| Overall sales in the third quarter rose 12% to $36bn. | Overall sales in the third quarter rose 12% to $36bn. |
| Ford's business in North America has been helped by strong sales of its very profitable pick-up trucks. | Ford's business in North America has been helped by strong sales of its very profitable pick-up trucks. |
| Ford has been selling more than 60,000 of its F-series truck every month for the past five months, around a 10% improvement on 2012. | Ford has been selling more than 60,000 of its F-series truck every month for the past five months, around a 10% improvement on 2012. |
| Ian Henry, director at AutoAnalysis, said: "At the moment it is quite unusual for a volume car manufacturer to upgrade [its profit forecast]." | Ian Henry, director at AutoAnalysis, said: "At the moment it is quite unusual for a volume car manufacturer to upgrade [its profit forecast]." |
| In a difficult economic climate, consumers tended to either opt for "better-value brands", such as Hyundai or Dacia, or spend the extra cash on premium brands, he said. | In a difficult economic climate, consumers tended to either opt for "better-value brands", such as Hyundai or Dacia, or spend the extra cash on premium brands, he said. |
| Mr Henry said this meant "volume car" manufacturers, such as Ford, Fiat, or Vauxhall, were typically not so popular. | Mr Henry said this meant "volume car" manufacturers, such as Ford, Fiat, or Vauxhall, were typically not so popular. |
| "Ford must be pretty confident," he added. | "Ford must be pretty confident," he added. |
| Alan Mulally | |
| Speculation has surrounded Ford's chief executive Alan Mulally, who has reportedly been talking to Microsoft about a possible move to replace outgoing chief executive Steve Ballmer. | |
| But when asked about the matter at Ford's press conference, Mr Mulally said: "We don't comment on the speculation." | |
| Mr Mulally said the company's plan to keep him as chief executive until the end of 2014 was unchanged. | |
| He has been running the auto maker since 2006 and is the third-longest serving chief executive in Ford's history, after Henry Ford I and Henry Ford II. | |
| He has received praise for helping Ford to avoid the government bailouts needed by its competitors General Motors and Chrysler in 2009. |