Ford reports record annual profit
January 28, 2016, 6:22 pm

Ford reported a record profits for 2015 as the US carmaker capitalised on last year`s car sale boom.

Ford brought in a full year profit of $10.8bn ($7.5bn). Its net income for the year rose to $7.4bn up from $6.1bn in 2014.

The growth came as car sales in the US reached the highest level in 2015.

Ford also saw its European division return to profitability- the first time since 2011 - and its best ever profit results for its Asian-Pacific region.

In Europe, Ford brought in an operating profit of $259m, compared with a loss of $598m in 2014. The company has taken steps to cut cost in Europe, closing several plants in the last few years.

Ford said on Tuesday, it was planning to close plants in Japan and Indonesia. It blamed poor sales and market conditions.

North American remained the most important market for Ford. Its North American operating profit rose 25.6% for the year.

Tech steps

Like other carmakers, Ford has taken increasing steps to compete with the tech sector.

The company has made a push into driverless vehicles. Ford tested the first driverless car in the snow in January.

In 2015 the average car on the road in the US was close to a decade old.

With the US economy improving, oil prices and borrowing rates low, US drivers have begun to buy new vehicles.

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