29 Jan 2014

Big result for Ford

12:20 pm on 29 January 2014

Ford says 2013 was one of the best years ever, due to a strong performance in the United States and Asia.

Net income for 2013 was $US7.2 billion, up $US1.49 billion on the previous year.

Fourth quarter net income was $US3 billion, an increase of $US1.4 billion compared with the same period in 2012, the company said.

The strong performance helped offset losses in Europe and South America.

Ford president and chief executive Alan Mulally said 2013 was "an outstanding year".

"We are well positioned for another solid year in 2014," he added.

The BBC reports Ford plans to triple its number of product launches in North America this year.

But that will hit profit margins, the company said, as older models will have to be discounted and Ford will have to spend more on marketing.

Mr Mulally is scheduled to step down at the end of the year.

The BBC reports he is credited both with leading the firm back to profitability after the 2008-2009 financial crisis, as well as with changing the corporate culture at Ford.