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.