25/07/2008 00:47. Ford Motor Co. said today its operations lost $1.38 billion in the second quarter as high gasoline prices drove consumers away from its big trucks. The company earned $258 million during the same quarter of 2007.

The company also said it took an $8 billion loss for reducing the value of various troubled assets, bringing the total net loss for the quarter to $8.67 billion.

In response to the downturn, Ford announced it will add six small European vehicles to the North American lineup and convert three large truck and SUV plants to building small cars beginning this December.

Ford also said it will revitalize the Mercury product lineup by the end of 2010. With no new products on the long-term horizon, the survival of the Mercury brand had been in doubt.

Ford also confirmed it would... // AutoWeek