GENEVA, Switzerland, March 3 (UPI) -- Ford Motor Co. wants to cut another $700 million from its European operation, which is coming off a year of financial losses and management turmoil.
Lewis Booth, the new president of Ford of Europe, said he would push to reduce component costs while enhancing the appeal of its vehicles, the Detroit News reported Wednesday.
The overall goal, he said, is to shave an additional $700 million in expenses.
Once the model for the company's North American turnaround plan, Ford of Europe lost $1.1 billion last year excluding special charges in the brutal European market.
Management upheaval exacerbated the problems. Booth, formerly president of Ford's Japanese affiliate Mazda Motor, was tapped in August to replace Martin Leach as the head of Ford of Europe.
