Ford’s third-quarter profits jump to $1.7bn

US motor company Ford has reported net income of $1.7bn (£1.08bn) for the third quarter, a rise of 68% on the same period a year ago.

The company’s improved performance came as it increased its share of the US market and buyers paid more for its cars and trucks.

It was Ford’s sixth straight quarterly profit.

Ford chief Alan Mulally said that new cars and aggressive cost-cutting had helped to boost profits.

‘Growing product strength’

“This was another strong quarter and we continue to gain momentum with our One Ford [transformation] plan,” said Mr Mulally, Ford’s president and chief executive.

“Delivering world class products and aggressively restructuring our business has enabled us to profitably grow even at low industry volumes in key regions.

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