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U.S. markets recover from steep losses
DEARBORN, Mich., Nov. 2 (UPI) -- U.S. auto giant Ford Motor Co. said Monday it earned a profit of $997 million in the third quarter, a $1.2 billion rebound from the third quarter a year ago.
In the recent quarter, Ford capitalized on the Cash for Clunkers program, a federal rebate designed to help automakers weather the recession and car owners trade up in fuel efficiency. Ford also gained market share as U.S. rivals General Motors Co. and Chrysler Group struggled to emerge from bankruptcy proceedings, CNNMoney.com reported Monday.
Revenues from auto sales in the third quarter hit $27.9 billion on the sale of 1.23 million vehicles, a 5 percent bump from a year ago.
Ford said it expected to be "solidly profitable" in 2011, although the Detroit News reported the company's union workers rejected a contract designed to bring Ford's labor costs more in line with GM and Chrysler.
The United Auto Workers union said 70 percent of production workers and 75 percent of skilled trade union members voted against the contract that included a limited no-strike clause.
In an e-mail, the UAW said, "we will not be returning to the bargaining table."
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