Ford Motor Company¿s European operations confirmed a slight improvement in its 2003 profit target today as the group's cost cuts continues to pay dividends.
Ford Europe chief operating officer Mr Martin Leach said the unit planned to post a significant profit improvement for this year and next year.
"We are certainly keeping our profit target intact and have in fact raised it slightly," Mr Leach said at the Paris auto show. He also said he expected the Ford brand to boost its market share in Europe to 9 per cent at about the end of this year from 8.8 per cent now.
Mr Leach said no further job cuts were needed to achieve 100 per cent capacity utilisation, up from 93 per cent currently.
Since the beginning of 1999, Ford has cut its European workforce to just under 60,000 staff from 97,000.
In addition, Ford Europe company had obtained net cost reductions of $1.2 billion since the beginning of 2000.