Ford Motor Company (NYSE:F) is all set to woo the
European car market where it is looking to revive sales and curb its losses.
On Thursday the company showcased an entire revamped
product pipeline for the European market. This included a small sport-utility
vehicle which will challenge Nissan Motor Co.'s Juke, and EcoSport a compact
SUV.
Ford has been seeing falling sales in Europe and the
lineup of vehicles is designed to arrest this decline. The U.S. automaker is
expecting losses of $1 billion this year from this region.
"The most important thing we can do is
acknowledge the current reality and develop a plan to deal with it," Chief
Executive Alan Mulally said at the event held at the Ziggo Dome in Amsterdam.
In the first seven months of 2012, Ford's sales in
Europe have slumped about 11 percent, while the overall market fell 7 percent
due to the spreading economic crisis.
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However Ford has a lot of expectations from its new
lineup of vehicles. It is also expanding its range of SUVs to be sold in Europe
and aims to sell about a million of them in the continent over the next six
years.
"Over the past five years, the SUV segments are
the only ones to have grown in Europe, and it's forecast to continue," Jim
Farley, Ford's global marketing chief, said on Thursday.
In addition to the SUVs, Ford also showed the updated
Fiesta small car, a European mainstay and the Transit commercial van. Ford also
plans to sell the Mustang car in Europe, Mulally said.
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