Recovery signs at Iveco Ford
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• Iveco Ford has turned in a better-than-expected financial performance during 1987, according to Iveco's managing director for European truck exports Tomislav Maksimovic.
Speaking at the Geneva Motor Show this week, Maksimovic reported that the merged UK 'truck builder had done "better than we forecasted. We are very pleased with the first-year results — our return on investment is better than expected".
He would not predict Iveco Ford's likely end-of-year profit: during its first six months of operation the company lost <£22 million. As a result of these losses, last May the company's main shareholders, Iveco and Ford, each injected a further £25 million. While details of Iveco Ford's trading performance are not likely to be known until its full-year results are released in the New Year, Maksimovic says that during 1988 "there won't be a need for any (further) investment".
During 1987 Iveco produced about 115,000 vehicles, says Maksimovic — an improvement over the previous year. The company says that the total market for trucks in Europe grew by 14% in 1987, with more than 400,000 vehicles sold over 3.5-tonnes GVW, and Iveco increased its share to 10.2%.