Ford takes losses of $8.7 billion in second quarter

By Agence France Presse (AFP) CHICAGO: Ford Motor Co. announced Thursday a quarterly loss of $8.7 billion amid hefty write-offs, as the sputtering auto giant said it would accelerate its vast reorganization program. The second-quarter results include $8 billion 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 billion for the second-largest US automaker, or $0.64 per share, worse than Wall Street estimates of a loss of $0.27 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." The firm said as part of its realignments, it would continue to offer... [read full story]