Ford £6.5 billion in the red

• Biggest loss in company's history reported
• Jaguar not for sale but badly losing money
• Restructuring in US accounts of most of the loss

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Ford finished £6.48 billion in the red in 2006 - the worst year in the company's history.

Although Ford of Europe continued to make a profit, up from £201 million in 2005 to £251 million last year, huge restructuring in the US plunged the company into the massive deficit.

The Premier Automotive Group (PAG) within Ford includes Aston Martin, Jaguar Land Rover and Volvo, and this also made a loss of £166 million.

Jaguar is to blame for much of the PAG's deficit, a reported loss of £365 million, wiping out profits made by Aston Martin.

While Ford is seeking a buyer for Aston Martin, new Ford boss Alan Mulally said at the Detroit Motor Show that Jaguar was not for sale. It is not predicted to turn a profit for several years.