US automotive concern Ford Motor Company reported Thursday that it lost 8.7 billion dollars in the second quarter of 2008 amid writedowns in the value of its assets, according to DPA. The Dearborn, Michigan-based group said the figure compared with a net profit of 750 million dollars in the second quarter of 2007. The loss reflected some 8 billion dollars' worth of writeoffs from the decline in the value of its assets in North America and of the lease portfolio of the Ford Motor Credit Company, a statement said. The second-biggest US car concern said it now aims to carry out further massive cost-cutting measures and to concentrate more on smaller, more fuel-efficient cars. The latest red-ink figures come shortly after company chairman Alan Mulally said Ford was giving up its hope of returning to the black again next year.
