Ford Takes $2.8 Billion Fourth-Quarter Loss

Ford Motor Co. said Thursday it lost $2.8 billion in the fourth quarter, an improvement from the same quarter a year ago, in which it lost twice that amount.

For the full year, the automaker lost $2.7 billion, an improvement of $9.9 billion from 2006, Ford said in a statement.

The fourth-quarter per-share loss of $1.30 compared with a loss of $2.98 per share in 2006, while the full year loss of $1.35 per share compared with a $6.72 per-share loss in 2006.

Chief Executive Officer Alan Mulally said the company will make further cost reductions in North America, including offering a new round of buyouts for its 54,000 U.S. hourly workers.

Ford lost $1.6 billion in North America in the quarter, compared with a loss of $2.7 billion a year earlier. Fourth-quarter revenue was $17 billion, up from $15.1 billion.

The company said its profits for the quarter improved in Asia and South America.

In addition to cars, Ford makes Class 2-7 trucks.