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Ford Warns Of Intense Price Pressure In Europe - Report

05/06/2012 | 10:12pm US/Eastern

Ford Motor Co.'s (>> Ford Motor Company) top executive in Germany, Bernhard Mattes, warns that competition will heat up in Europe and could lead to ruinous price wars, German daily Financial Times Deutschland reported Monday. He pointed to overcapacity among the major carmakers, the newspaper said.

Meanwhile, General Motors Co. (GM) is said to be planning to halt production of its Opel Astra model in its Ruesselheim, Germany, factory, German daily Frankfurter Allgemeine Zeitung reported Monday, citing union sources. The model's next generation is slated for production in GM factories in the U.K. and in Poland, the newspaper said.

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