Ford Posts $8.7B 2nd Quarter Loss

Loss Blamed On Value Of Assets DEARBORN, Mich. -- Ford Motor Co. says it lost $8.7 billion in the second quarter largely because of a reduction in the value of assets. The company also announced Thursday it will bring six European small car models to North America by the end of 2012 as it deals with a market shift from trucks to cars brought on by high gasoline prices. The company also will retool two U.S. truck and sport utility vehicle plants to build small, fuel-efficient vehicles. The second-quarter loss was $3.88 per share, compared with a net profit of $750 million, or 31 cents per share, in the same quarter a year ago. The loss includes $8 billion worth of write-offs because of a decline in the value of North American assets and Ford Motor Credit Co.'s lease... [read full story]