Updated from 11:49 a.m. EDTTime is not on Ford's ( F) side. That was the message from CEO William Ford on Thursday as the automaker reported that it swung to a second-quarter loss as its market share continued to ebb. He said "external factors" in the auto industry require Ford to accelerate, and possibly overhaul, its turnaround plan, known as "Way Forward." He also hinted the company is interested in a partnership like the global triumvirate that is being explored between General Motors ( GM), Nissan and Renault. "We're always talking to everybody in the industry as we always have," said Ford when asked on a conference call if his company needed new partners. "Our first priority is fixing our business." He noted that Ford already has global scale and it has partnered with other automakers around the world. " We've done partnerships and done very well at them," Ford said, citing the company's alliance with Mazda as an example. GM CEO Richard Wagoner has been in talks with Carlos Ghosn, the CEO of Nissan and Renault, about joining forces in a deal that could transform the global auto industry and pressure Toyota ( TM) as the Japanese giant angles towards overtaking GM as the world's largest automaker. GM's most prominent activist shareholder, Kirk Kerkorian, has publicly endorsed the idea, while GM continues to struggle under its cost burdens and competitive pressure. For Ford's part, the nation's second-largest automaker reported a loss of $123 million, or 7 cents a share, for the quarter. That compares to earnings of $946 million, or 47 cents a share, in the same quarter last year. Adjusted for items including a charge related to job cuts, Ford recorded a loss from continuing operations of $48 million, or 3 cents a share. The results badly missed analysts' forecast calling for a profit of 12 cents a share, based on a Thomson First Call average analyst estimate. Ford's shares recently were down 5 cents to $6.28.