Second Quarter Loss for Ford

Ford posted a second quarter loss of $752 million. Excluding a $201million charge attributable to the restructuring of Mazda Motor Corporation, the trading loss stands at $551 million. The cost of replacing the 13 million Firestone tyres more than accounts for that loss.

The after tax expense of the tyre recall is expected to amount to $2.1billion. “Our decision in May to replace 13 million potentially unsafe Firestone tires was an unprecedented action,” said Jacques Nasser, president and CEO.