Ford Posts Record Loss

from WDIV Detroit TV 4

Ford Motor Co. posted a $12.7 billion loss in 2006, the largest annual loss in the automaker's 103-year history. The company lost $5.8 billion in the fourth quarter alone due to slumping sales and huge restructuring costs. It lost just less than $7 billion in the first three quarters of the year.

The annual loss surpassed the previous record annual net loss of $7.39 billion in 1992. The Dearborn-based automaker expects continued losses for the remainder of the year.