Ford Motor posts massive losses for fourth quarter in 2006

Ford Motor posts massive losses for fourth quarter in 2006

US based automaker Ford Motor has posted a wider-than-expected fourth-quarter loss. The company added that they would be cutting production of cars this quarter.

The company further said that they are likely to lose market share through September this year.

Ford Motor is the second largest US based automaker and they have posted a fourth-quarter net loss of almost $5.8 billion. This comes to around $3.05 per share.

The company continues to suffer from weak sales of their trucks and cars in the market. These figures are also very shocking compared to previous year’s figures of loss of $74 million, or 4 cents per share.

Ford Motor had a disastrous 2006 as they posted a full year loss of $12.7 billion. This is worse than losses suffered by the company in 1992.

Ford Chief Executive Alan Mulally spoke about their future plans: “We recognize the position we are in and we are taking the appropriate steps to confront the issues we are facing. We have a plan and we are on track to deliver it.”