Ford Motor's chief operating officer, Jim Padilla, said on Tuesday that he wouldn't predict when the company would turn a profit, but foresees "difficult times" for the auto industry in the next 18 to 24 months.
Ford North American operations lost $1.21 billion before taxes in the second quarter. The company promises a restructuring plan this fall that will turn the company around. Hopefully, it will be more successful than the 2002 restructuring program (35,000 jobs cut, plants closed, models dropped).

Spinmeister extraordinaire Padilla declined to call the 2002 program a failure despite second quarter losses of $1.21 billion in 2005, blaming reality on unanticipated "aggressive pricing."

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