Ford Motor Company now reports its losses in the second quarter at $254M, double the figure they originally reported, $123M.

Ford has been struggling. In January they announced cutbacks in jobs and closings of facilities. On top of that, its foreign motor group continues to lose money where Ford had hoped to begin to see profit. Jaguar, especially, has been disappointing in sales.

Is it coincidental that the other big American car manufacturer, GM, has also been having its financial woes?

I think Americans want to see a turnaround for both Ford and GM. Americans want to buy domestic and when the product is superior and reliable, they will. Manufacturers need to re-tune their approach to the American market. Ford’s Focus, for instance, immediately popular and gaining good reviews, was plagued by recalls. Recently, Ford has had to recall 1.2 million trucks and SUVs due to fire hazards.

In July, for the first time, Toyota outsold both Ford and GM. Rising fuel prices are probably the key to the increase in Toyota sales in the US.

Ford announced on Wednesday the hiring of Kenneth Leet, former Goldman Sachs banker to be a strategic advisor to Ford CEO Bill Ford.