Ford joins automakers reporting record losses

The Ford Motor Company became the third US automaker reporting record losses for the second quarter, as domestic car sales fell to levels of two decades ago. Ford's April-June worldwide deficit was $468 million.

Last week, General Motors Corporation said it lost $412 million in the period. American Motors Corporation reported a deficit of $85 million.

The total quarterly deficit for the US auto industry will approach $1.5 billion after Chrysler reports its losses later this week. Some analysts predict the industry could be $3 billion in the red by the end of the year.