To the survivor go the spoils. The only large US carmaker to avoid bankruptcy this year turned a quarterly profit in North America for the first time since 2005. Ford surprised the market on Monday by reporting $1bn of earnings for the third quarter. Expectations for mere break-even in 2011 were upgraded to hopes of solid profitability. The 2006 decision to begin a restructuring that used every piece of the family silver as collateral – including the logo – while raising $24bn in debt appears vindicated.

Ford can now use a refreshed line-up of vehicles to take market share from rivals stigmatised by government support, particularly Chrysler, the weakest and most vulnerable of its US peers, which with partner Fiat will present its plans for the future on Tuesday. Ford increased its share of the US retail market to 13.1 per cent in the quarter, from 11 per cent a year ago.