As we all know, the “Big Three” U.S. auto manufacturers are in considerable, if not terminal financial trouble. Years of deterioration were accelerated by the surge in gas prices with the current market meltdown providing the coup de grace.

Here we take a look at Ford, what it is doing, and perhaps what should be done to pull itself out of this mess.

Ford’s stock price in late November was $1.29 a share, a steep decline from the $2 it had been hovering around in the meltdown environment. The company is burning about $1 billion per month in losses with about $18 billion left in cash and credit. In 18 months it might all be over.

A Ford Fiesta on the showroom floor of Lindsay Ford in Bangor, Northern Ireland.

In the United States, Ford’s market share is 12.4 percent. In Europe it is a not-too-bad 8.6 percent. A recent visit to the continent across the Atlantic was an eye opener. We found Ford selling and servicing an impressive collection of fuel-stingy and low C02 emission vehicles.

Why are those vehicles not offered here? The only car Ford is considering bringing here, probably sometime next year, is the newly designed Fiesta.

The Fiesta is probably the best driving small car in the world. It charms you, entices you and invites you never to leave it in the dealer’s hands. It is true with the smaller of the engines offered in Europe, such as the 1.25 liter Duratec, or the 1.4 liter Duratec, that acceleration is a little sluggish. The 1.6 liter Duratec Ti-VCT, however, is no slouch and will deliver 28 mpg in the city and 48 mpg on the highway. The diesel version, the 1.6 Duratorq TDCi, provides an incredible 43 mpg in the city and 63 mpg on the highway. This is futuristic fuel mileage by U.S standards, and if they bring these models over here without fooling with them, we are talking about the best mileage of any car sold domestically.

These cars are offered in three-door and five-door hatchback versions. Thanks to a big shift in European equipment offerings, they are not econo boxes. The Fiesta’s options include leather interior, backup warning system, stability control system, ABS brakes, cruise control, rain sensing wipers, manual or automatic air conditioning, remote entry with folding heated door mirrors with side turn indicator and various aesthetic interior lighting schemes. An MP3 CD/stereo system is offered with an AUX and USB input for external music devices, Bluetooth hands free telephone system and voice control system, and six speakers. A full range of airbags are available.

Of the eight Fiesta models offered in Europe, only one is available with a 4 speed automatic transmission, a must for most U.S. buyers. Prices in the U.K range from $10,800 for the three-door 1.25 liter Studio model to $17,250 for the five-door top of the line 1.6 Duratorq diesel. (These prices are at current currency conversion rates of $1.50 to one U.K. pound.)

Another interesting Ford available in Europe is the S Max, a small SUV that is a tad larger than the Honda CRV. The roomy S Max — you can have up to seven seats — comes in five door form and is powered by a 2.0 liter gas engine offering 21 mpg city and 35 mpg highway. The 1.8 liter or 2.2 liter diesel versions deliver 28 mpg city and 43 mpg highway.

A new small SUV Ford just introduced to the European market is the Kuga. It is almost exactly the same size as the Honda CRV. Fuel consumption estimates credit the Kuga with 27 mpg city and 36 mpg highway with the only engine offered, the 2.0 Duratorq TDCi diesel.

A Ford Fusion is available, not the version we know. Rather, think Honda Fit for an equivalent size. Fuel consumption is 27 mpg city and 43 mpg highway with the 1.6 liter gas engine and 41 mpg city/56 mpg highway with the 1.6 liter Duratorq TDCi diesel engine. The Ford Focus sold in Europe is similar to the most recent Focus design sold in the U.S. However, the European model, especially the diesel, gets better mileage and has a better handling and suspension package. Two other models are offered, the Ka, a cute “smart car” sized hatchback, and the Galaxy, another SUV design.

Rounding out the European group is the Ford Mondeo, a Honda Accord sized sedan designed for young executives. Beautifully equipped, it is a good driving performance machine offered with a large variety of engines, a 1.6, 1.8, 2.0, 2.3, 2.5 liter gas engines, and 1.8 and 2.0 liter diesel engines.

Why Ford is only planning to bring the Fiesta to the U.S. market — it is reviewing other models — is a mystery.

On the face of it, the European models with their concentration on excellent fuel consumption (gasoline is about $9 per gallon in the U.K.) and the recent addition of American style comfort and luxury options seem to be winning candidates. All of these have low CO2 emissions due to their emission based annual registration fee structure, although some modifications may be needed to meet the U.S. smog standards.

It would seem that small efficient diesels available on virtually all cars sold in Europe must be in our future. If we are to save Ford Motor Co. from financial disaster, quickly pumping up its line of sharp fuel sippers appears key to the solution.

These Fords are well engineered cars that outsell Honda and Toyota products in Europe. It’s a great pity they are not available here.

Motoring since 1952, Austin Lynas has owned 59 cars and at one time raced mini-sedans in England. An aerospace engineer, he was instrumental in developing the anti-skid systems used in British military aircraft that preceded today’s ABS systems. Lynas can be reached by e-mail at austin@sandiegometro.com.