Ford reports multi-billion dollar earnings loss (at CNNMoney.com)

said it lost $8.7 billion, or $3.88 per share, including pre-tax special charges primarily due to special charges related to the writedown of assets. This is compared to the year-earlier quarter, when the automaker announced a profit of $750 million, or 31 cents per share. Revenue, excluding special items, fell to $38.6 billion from $44.2 billion a year earlier. Ford also said it will make big changes to the vehicles it sells domestically - bringing six small cars made in Europe to the North American market. Ford, like its American rival GM , has been hard-hit by economic weakness. In particular, rising gas prices have severely hampered consumer interest in big trucks and sport utility vehicles. In 2007, Ford lost its place as the No. 2 automaker in the U.S. to the Japanese automaker Toyota . As production winds down, Ford... [read full story]