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| Black day at the Blue Oval |
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A bad day for Ford Motor Company, as it announced an $8.7 billion loss for the second quarter of 2008.
The eye-watering figure includes a pre-tax special charge of $8 billion, money already used to restructure the Blue Oval during its turnaround phase.
Ford has long been struggling to sell large trucks and SUVs in North America, with soaring oil prices compounding the situation.
As a result, the company announced it intends to introduce numerous smaller, more fuel efficient vehicles to the USA.
The doom and gloom was tempered slightly by a strong sales performance in Europe and South America.
"We continue to take decisive action in response to the rapidly changing business environment and remain absolutely committed to the four elements of our business transformation plan," said Ford President and CEO Alan Mulally.
"Our European and South American operations are robust and profitable. We have momentum in Asia."
He concluded, "We are uniquely positioned to leverage our global assets and the global strength of the Ford brand to quickly bring more small, fuel-efficient vehicles to North America." |
