Southfield (WWJ)  -- At the same time Ford announced it lost 8.7 billion dollars in the second quarter, executives also outlined a new transformation plan.  

Ford says it will bring six small vehicles to North America from the company's European lineup.  In addition, Ford is accelerating the introduction of fuel-efficient EcoBoost and all-new four-cylinder engines, boosting hybrid production and converting three existing truck and SUV plants for small car production, beginning this December.        

Ford says the changes are in response to "rapid changes in customer buying preferences."  Click here to read more about second quarter earnings.

"We continue to take fast and decisive action implementing our plan and responding to the rapidly changing business environment," said Ford President and CEO Alan Mulally in a statement.  

The restructuring announced Thursday is in addition to Ford's announcements in May and June that it is reducing its North American production plans for large trucks and SUVs for the remainder of 2008, as well as increasing production of smaller cars and crossovers.  

Ford says its new plans include:

-- Michigan Truck Plant in Wayne, Mich., which currently builds the Ford Expedition and Lincoln Navigator full-size SUVs, will be converted beginning this December to production of small cars derived from Ford's global C-car platform in 2010.    

-- Production of the Ford Expedition and Lincoln Navigator will be moved to the Kentucky Truck Plant in Louisville, Ky., early next year.    

-- Cuautitlan Assembly Plant in Mexico, which currently produces F-Series pickups, will be converted to begin production of the new Fiesta small car for North America in early 2010.    

-- Louisville (Ky.) Assembly Plant, which builds the Ford Explorer mid- size SUV, will be converted to produce small vehicles from Ford's global C-car platform beginning in 2011.    

-- Twin Cities (Minn.) Assembly Plant -- which was scheduled to close in 2009 -- will continue production of the Ford Ranger through 2011 to meet consumer demand for the compact pickup.    

-- As previously announced, Kansas City Assembly Plant this year will add a third crew to its small utility line for the Ford Escape, Escape Hybrid and Mercury Mariner and Mariner Hybrid.    

In addition,  the automaker says it will continue to offer targeted hourly buyouts at its U.S. plants and facilities.  Ford also said it remains on track to reduce salaried-related costs by 15 percent in North America by Aug. 1.    

Ford North America still expects to reduce annual operating costs by $5 billion by the end of the year.  In addition, the company said it plans to continue to reduce structural costs beyond 2008.    

Ford says the economic recovery in the U.S. will begin in early 2010, but oil prices will remain volatile and high.  

Click here to read more on the plan.