"Ford has reported a loss of $12.7bn (£6.5bn) for 2006 - the biggest annual loss in the embattled US carmaker's 103-year history. A slump in sales, combined with major restructuring costs, saw the firm lose $5.8bn in the final three months of the year alone. The iconic US carmaker has been struggling in the face of competition from Japanese rivals such as Toyota. Ford has plans to close 16 factories in North America and cut 45,000 jobs. The company, which is currently the second-biggest carmaker in the US, may be overtaken by Toyota in its domestic market later this year, reports have suggested."
