Ford just announced its best quarterly profits in 13 years, thanks to rising demand for its fuel-efficient vehicles. Profits rose to $2.55 billion in the first quarter of 2011 from $2.09 billion in the first quarter of 2010. “Our team delivered a great quarter, with solid growth and improvements in all regions,” said Alan Mulally, Ford president and CEO.
As the only Detroit automaker to turn itself around without a bailout during the recession, Ford has been moving into the black much faster than its competitors. The company credited “fuel-efficient new products, continued investment in global growth and the strengthening of Ford’s core business” with the positive results, as well as the fact that the earthquake in Japan had a relatively small impact on the automaker’s supply chain.