Up To 10% Global Industry Growth: Ford Exec Says

A Ford Motor Company F executive said on Thursday that the global market for the auto industry is expected to grow by up to 10% this year, despite low August sales. In a webcast from an analyst conference in London, the head of Ford's global manufacturing, John Fleming, said, “We see the economy improving, but the strength of the recovery in individual markets has been uneven." Fleming added that although the conditions are gradually improving, the US and Europe markets will remain affected by “weak labor markets and tight credit”. Since 2005, Ford has reduced its structural costs by approximately $15 billion, bringing down its production capacity in North America by 40% by end of 2011, and cutting its hourly workforce by 50%. F’s shares gained 0.97% to 11.91 at 12:08 pm. Read more from Benzinga's Company news.