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Ford Announces Record $8.7b Loss
Written by: Autocar staff   http://www.autocar.co.uk
07/25/2008 - 09:37 AM
Dearborn, Mich.
 
Ford is pinning its U.S. recovery hopes on small European cars like the Fiesta. (Ford photo) ยป More Photos

Ford has announced that it made a record breaking $8.7 billion loss during the second quarter of the year – but the company has also revealed plans to introduce several European models into the U.S. market.

Ford has been hit hard by both the worsening economic situation in America and the rising cost of oil, which has further reduced demand for the gas-guzzling pickup trucks and SUVs which it has used to support itself in the domestic market.

The $8.7b loss includes a $8b “special pre-tax charge” – the costs that have already been incurred in restructuring the company. Ford is now planning to shift production at three of its North
American factories from trucks and SUVs to smaller European models.

Ford has also announced it will be introducing six European models to the USA by 2012, with company insiders indicating that the new Fiesta and European Focus will be the first to cross the Atlantic.

The company is also pinning its hopes of reducing fuel demand on the development of a range of “EcoBoost” turbocharged petrol engines, which should improve fuel economy by around 20 percent compared to the company’s current offerings. In the longer term it’s possible that some of the blue oval’s European diesel models will also be offered in America.
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