Ford takes major hit during the second quarter
Ford Motor Co. lost $752 million during the second quarter thanks to its recall of Firestone Wilderness AT tires that started in May.
"The cost to replace 13 million Firestone tires...more than accounted for the loss," say Ford officials.
Ford expects the recall to cost $2.1 billion after taxes.
Ford's worldwide vehicle sales revenue during the second quarter was $42.31 billion, a 5% decline from $44.5 billion a year ago at the same time.
"Despite the challenges we face, Ford remains in a strong competitive position," says Ford CEO Jacques Nasser.