Ford hit by record $12.7 billion loss

The Ford Motor Company is reporting a $12.7 billion loss at the end of 2006. This is the largest annual loss that the company has experience in its 103 year history.

In addition to the loss, Ford has plans to close sixteen plants and cut at least 45,000 jobs.

Ford is considered to be the second largest automobile producer in the United States.

Reports suggest that Ford is in danger of being taken over by Toyota by the end of the year.

The company remains confident that they will return to profit and be on track to deliver by 2009.

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