[707Stang]

Ford Posts Loss of $8.7 Billion on Asset Woes - NYTimes.com

wow is all i can say.

[TurboLX]

not even suprized

[Vinyl66]

damn id love to be in a position to lose 8.7 billion

[zinc02GT]

^ avi of the year... next to drgns...

8.7 ya say? doesnt surpirse me. Ford needs to get their act straight and start engineering better, more reliable cars.... like Honda... Just sayin

[JASonic]

Its sad because their products are better then they've ever been. The new Lincoln line is kick ass. Reliability is up and so is their creativity. Its too bad. When the gas "bubble" bursts (which it looks like it is) and the waste gets shoved out of the mortgage industry (which it is), they will recover.

[JASonic]

[QUOTE=zinc02GT;1313496]^ avi of the year... next to drgns...

Yes!!! Tight boobies!!!!.... need my help.

[1FastFox]

DEARBORN, Mich._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
North American 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 $8.03 billion worth of write-offs because of a decline in
value of North American assets and Ford Motor Credit Co.'s lease portfolio.
Even excluding those special items, Ford lost 62 cents per share, worse than
Wall Street expected. Twelve analysts surveyed by Thomson Financial, on
average, expected a 27 cent loss per share.

Ford's second-quarter revenue was $38.6 billion, down $5.6 billion from the
year-ago period. Analysts expected $34.6 billion.

Ford said it will retool the Michigan Truck plant in suburban Detroit, shifting
its products from large SUVs to make global vehicles off the European Focus
platform by 2010.

The SUVs made at Michigan Truck _ the Lincoln Navigator and Ford Expedition _
will be shifted to the Kentucky Truck plant in Louisville.

The company also will retool the Louisville Assembly Plant, which now builds
the Ford Explorer midsize SUV, to produce vehicles on the European Focus frame,
starting in 2011.

Ford also said its Twin Cities Assembly Plant in St. Paul, Minn., will continue
producing the Ranger small pickup through 2011. The plant was scheduled to
close next year.

Ford also said in a statement that it does not expect a U.S. economic recovery
to start until early 2010.

The company said its write-offs included $5.3 billion in North America and $2.1
billion in write-downs for Ford Credit's truck-heavy lease portfolio. Chief
Financial Officer Don Leclair said most of the write-down was triggered by the
drop in value of the company's truck and SUV inventory and lease residuals.

Ford reported a pretax loss of $1.3 billion in North America because of the
deteriorating U.S. market and the shift away from trucks. U.S. sales overall
were down 10 percent in the first half of the year, with Ford's sales down 14
percent.

The company, though, continued to be profitable overseas, posting a $582
million profit in Europe and $388 million in South America. The company also
made $50 million at its Asia-Pacific-Africa division.

"The second half will continue to be challenging, but we have absolutely the
right plan to respond to the changing business environment and begin to grow
again for the long term," President and CEO Alan Mulally said in a statement.

[Regency 2007]

They will recover

Ford is building more reliable cars (equal or better than toyota) and more fuel efficient vehicles, I think the times are coming to an end for big 4x4 trucks. I'm not saying they wont be made anymore but they will not be produced in number like they were pre-Iraq war.

[vfast]

I bet all the exc. got nice bonuses anywayz