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Ford joins automakers reporting record losses

  • By WITH ANALYSIS FROM MONITOR CORRESPONDENTS AROUND THE WORLD
  • EDITED BY DEBRA K. PIOT

| Detroit

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.

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