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.

GM Recalls 98,000 Cars

from WDIV Detroit TV 4

General Motors Corp. is recalling about 100,000 Chevrolet Cobalt small sedans to upgrade head impact protection. The recall affects 98,707 vehicles from the 2005-2006 model years that are not equipped with optional roof-mounted side impact air bags. The issue was discovered during compliance testing.

There have been no injuries related to the recall and the head impact protection would only be an issue for motorists not wearing a seat belt. Belted motorists would not be affected. To correct the defect dealers will install energy absorbing plastic to the area. Owners can contact Chevrolet at 800-630-2438.