Ford posts rare jump in monthly sales

[Bluehoon]

Ford Motor Company said it had sold more cars in July than the same period a year before, the first year-on-year sales increase since November 2007.

Ford sales specialist George Pipas told the Wall Street Journal a surge in sales at the end of the month was thanks to the US government's multi-billion-dollar "cash for clunkers" car trade-in program.

"I am not sure we would have gotten the bump except for the last week," Pipas told the daily.

He did not state what the figures would be, but said the rise would be "notable". Ford is expected to publish its July sales figures on Thursday.

"The two goals of the (cash for clunkers) program were to jump start auto sales as a way to start the recovery and to get buyers into more fuel-efficient cars," Pipas said.

"On both counts, it's going to be a home run."

The program got fresh backing from US House of Representatives on Friday, when lawmakers voted for a $US2 billion ($2.43 billion) funding boost for the program.

The vastly popular scheme burned through $US1 billion ($1.21 billion) in its first week after spurring the sale of about 200,000 vehicles.

Pipas comment mark the latest in a slew of more optimistic data from Ford, the only member of the Detroit Three automakers to have avoided bankruptcy.

On July 23 announced it had swung back into profitability in the second quarter.

The firm posted a net profit of $US2.3 billion ($2.79 billion) between April and June, due to cost cutting and a $US3.4 billion ($4.12 billion) one-off debt restructuring.

That compared with a whopping $US8.7 billion ($10.55 billion) loss in the same period a year ago.

The automaker said it had managed to increase its market share in all regions in the second quarter, including a two point gain to 16.4 per cent of the key US market.

At the closing bell in New York on Friday its shares hit a 52-week high, trading at $US8 ($9.70) a piece.

http://business.smh.com.au/business/...0803-e67r.html

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