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Business

Carmakers Most Profitable US Firms in Germany

US carmakers Ford and Adam Opel AG, which belongs to General Motors, topped the list of the most profitable American companies in Germany in 2003, according to the American Chamber of Commerce, AmCham. Ford had a turnover of €14.04 billion ($17.07 billion) for 2003 while Adam Opel followed closely with €13.94 billion. Third place was taken by oil giant ExxonMobil Central Europe Holding Gmbh with €11.9 billion. All three companies managed to hold on to their leading positions despite the fact that they registered a fall in revenues between 1.5 and 2.2 percent as compared to the previous year. US retail chain Wal-Mart came in 11th with €2.9 billion. Fred Erwin, president of Amcham Germany said Germany needed a more innovation-friendly climate and more flexibility in labor and tax law. "Germany has good chances of staying at the top in future and to participate in the development of the international economy," Erwin said.