Ford sees Europe 1.5 mln to 2 mln vehicle output overcapacity
DEARBORN, Michigan, July 11
DEARBORN, Michigan, July 11 (Reuters) - Ford Motor Co's European chief Stephen Odell on Thursday said he estimates that the automotive industry in Europe is making 1.5 million to 2 million vehicles each year more than the present market's demand.
Odell told reporters at company headquarters that Ford is maintaining its forecast of 13.5 million vehicles in 19 Western Europe nations.
Ford's sales in those 19 markets for June will be 6.4 percent higher than a year ago, while the overall industry saw a drop of 6.6 percent in new vehicle sales.
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