Ford Motor Co. said its second-quarter profit dropped 57 percent on slower sales and wider losses in its troubled European operations.
Ford said it earned $1 billion in the quarter compared with $2.4 billion in the same period last year. While its core North American business continued to perform well, it reported a loss of $404 million in Europe.
The automaker now expects to lose more than $1 billion in Europe this year. European car sales have fallen to their lowest level in a decade, and most automakers are struggling with overcapacity there.