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.