Ford drives profits ahead of forecasts

CAR maker Ford yesterday posted quarterly profits that beat Wall Street expectations, helped by higher prices and rising sales in North America.

Although Ford's second-quarter pre-tax profits fell by 8 per cent year-on-year to $2.4 billion (1.5bn), they still beat market expectations, with profits from its North American operations rising by 0.5 per cent to $1.9bn.

Ford, the only big US car maker not to take a government bailout during the recession, has now posted eight consecutive quarterly profits, after heavy losses between 2006 and 2008.