Ford Motor Co. lost $8.7 billion in the second quarter, primarily from reducing the value of its truck plants and loans to buyers of pickups and sport utility vehicles, Bloomberg reported. The net loss of $3.88 per share compares with net income of $750 million, or 31 cents per share, in the year-ago period.

The second-largest U.S. automaker also said it would convert three factories to manufacture small cars and double its output of fuel-efficient smaller engines as record gasoline prices caused U.S. truck sales to plummet.

Excluding one-time expenses, Ford lost $1.38 billion, or 62 cents per share, which was greater than analysts’ estimate of a 28-cent loss. This is Ford’s sixth loss in eight quarters under CEO Alan Mulally’s leadership. He was recruited from Boeing Co. to restore growth at the company but has since abandoned his goal to return to profit in 2009.

Though the company’s automotive cash at the end of the quarter was down $10.8 billion to $26.6 billion, Ford is confident it has enough liquidity. The company hasn’t released an estimate for how much cash it will use to restructure.