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Ford Expects Prices to Drop in the U.S.

IN BRIEF / AUTOMOBILES

May 21, 2003|From Reuters

Ford Motor Co. said it would miss its goal of keeping vehicle prices steady this year in the United States because of escalating incentives.

The change in Ford's outlook came during an analysts' update on Ford's year-old turnaround plan, which Chairman and Chief Executive William Clay Ford Jr. pledged was on track, including Ford's target of earning 70 cents a share for 2003.

This year, Ford had predicted flat pricing on vehicles in the United States and a 1% price increase in Europe, including changes in incentives. Ford's net prices rose 0.2% in the first quarter. Ford said it now expects prices in the United States to fall this year by an unspecified amount.

Ford shares fell 20 cents to $9.62 on the NYSE.

From Reuters

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