Ford Motor Company has reported its worst results on record, with a full-year net loss of $12.7 billion (£6.3 billion).
The loss, which translates as $6.79 per share, is the biggest-ever for the car maker.
Most of its losses were reported from its North America, Premier Automotive Group, Asia Pacific and Africa operations. European and South American operations, and their financial services division, which includes Ford Motor Credit, all reported a profit for the full year.
In 2005, Ford reported an overall net income of $1.4 billion (£700 million), or 77 cents per share.
Ford's president and chief executive officer Alan Mulally says the losses reflect a change in strategy at the company that has seen it move from its trademark large vehicles, to smaller cars.
The change in focus has been driven by rising fuel prices, a larger environmental emphasis by motor companies, and consumer demand for smaller vehicles for city driving.
"We began aggressive actions in 2006 to restructure our automotive business so we can operate profitably at lower volumes and with a product mix that better reflects consumer demand for smaller, more fuel efficient vehicles," said Mr Mulally.
"We fully recognise our business reality and are dealing with it. We have a plan and we are on track to deliver."
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