From correspondents in New York, United States, 08:32 PM IST

US automotive giant Ford Motor Company reported Thursday that it lost $8.7 billion in the second quarter of 2008 amid writedowns in the value of its assets.

The Dearborn, Michigan-based group said the figure compared with a net profit of $750 million in the second quarter of 2007.

The loss reflected some $8 billion 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 at carrying out further massive cost-cutting measures and plans to concentrate more on smaller, more fuel-efficient cars.

The latest figures come shortly after company chairman Alan Mulally said Ford was giving up its hope of returning to the black again next year.

(Staff Writer, © IANS)