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Ford sees Europe 1.5 million to 2 million vehicle output overcapacity
July 11, 2013 / 10:10 PM / 4 years ago

Ford sees Europe 1.5 million to 2 million vehicle output overcapacity

DEARBORN, Michigan (Reuters) - Ford Motor Co’s (F.N) 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.

The logo of carmaker Ford is pictured in a corridor at a Ford factory in Cologne February 4, 2013. REUTERS/Wolfgang Rattay

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.

Reporting by Bernie Woodall

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