Ford’s fourth quarter loss of $5.8 billion has pushed the company’s deficit for 2006 to a massive $12.7 billion, the worst result in its 103-year history. Automotive News is reporting that declining sales of its pickup range and restructuring costs are the main reasons behind the dismal result.

Ford’s turnaround plan, which includes the closing of 16 plants and cutting of up to 45,000 jobs in North America, can’t come soon enough. The company’s share price has dropped $3.05 per share over the quarter, and things are set to get even worst with reports the losses are expected to continue through all of 2007 as well.

‘The way forward’ plan will be hard to swallow for shareholders. Analysts are expecting Ford to spend a further $10 billion in cash on automotive operations through 2009 and another $7 billion to invest in new products.