Ford to put new plan into overdrive after $8.7 bln loss

0 Comments | AFP, July, 2008

CHICAGO (AFP) — Ford Motor Co. announced Thursday a quarterly loss of 8.7 billion dollars amid hefty writeoffs as the sputtering auto giant said it would accelerate its vast reorganization program.

The second-quarter results include eight billion dollars in special charges to write down the value of Ford's assets and to recognize losses from auto leasing.

Excluding special charges, the operating loss was 1.0 billion dollars for the second-largest US automaker, or 64 cents per share, worse than Wall Street estimates of a loss of 27 cents a share.

Ford said the results prompted a stepping up of its transformation plan including "the addition of several new fuel-efficient small vehicles in North America and a realignment of its North American manufacturing."...