Ford posts $8.7B 2Q loss on asset write-downs, plans to bring 6 small cars from Europe

Ford Motor Co. said Thursday it lost $8.67 billion in the second quarter largely because of a reduction in the value of assets. The company also announced that 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 more 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 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 value of North American assets and Ford Motor Credit Co.'s lease portfolio. Ford's second-quarter revenue was $38.6 billion, down $5.6 billion from the year-ago period.... [read full story]