Ford's cars are not racing ahead on the money-making front

Ford said second quarter net profits tripled to $1.2bn (�646m) from $417m (�225m) a year ago.

The profits growth was driven by net profits of $897m, up from $401m, at Ford Credit, its financing arm.

By contrast, its automotive unit made a pre-tax loss of $57m for the quarter as sales slipped in the vital US market.

Ford's share of the US new car market dipped 1.2%, as the company's US sales declined by 5%.

Worldwide revenue rose to $42.8bn, compared to $40.7bn for the year-earlier period.

Global vehicle sales rose to $36.7bn from $34.bn.

In Europe, Ford faced a one-off $20m bill to reorganise its regional operations.

"When you look at our second-quarter results, you see continued strong performance in financial services and significant progress at Ford Europe, where actions we took last year have begun to pay off," said Ford chief financial officer Don Leclair.