Ford Motor Company today announced a quarterly loss of $8.7 billion amid hefty writeoffs as the sputtering car giant said it would accelerate its vast reorganisation programme.
The second-quarter results include $8 billion in special charges to write down the value of Ford's assets and to recognise losses from car leasing. Excluding special charges, the operating loss was $1 billion for the second-largest US car maker.
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.'
Ford's second quarter revenue was $38.6 billion, down from $44.2 billion a year ago before the company sold its Jaguar, Land Rover and Aston Martin brands. Excluding those brands, revenue would have been down slightly, with lower volume partly offset by favorable exchange rates.
