Ford posts record 2006 loss of $12.7 billion

Ford Motor Co posted a record loss of $12.7 billion for 2006, capping a troubled year that was the worst ever in its 103-year history. For the fourth quarter, the No. 2 U.S. automaker posted a loss of almost $5.8 billion on declining sales of its profitable trucks and charges for employee buyouts.

Ford is in the early stages of a turnaround plan that includes closing 16 plants and cutting up to 45,000 jobs in North America. Ford expects its U.S. market share will fall through the third quarter as it pulls back from sales to car rental companies and other fleet operators.

Ford cut North American production 22% in the fourth quarter and completed a buyout offer with unionized factory workers that cut 38,000 jobs. Its U.S. sales dropped 8% for the year.

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