Ford Motor plans "significant plant closings" across the company following its first quarterly loss in two years.

Bill Ford, chairman and chief executive of the car manufacturer, repeated forecasts of a full-year profit, in spite of falling sales of its most profitable vehicles in North America and rising losses in Europe.

But he warned: "The future arrived faster than we expected because of this year's sharp spike in fuel prices. There will be sacrifices from top to bottom."

Echoing counterparts at car parts supplier Delphi and General Motors, Mr Ford added: "Our industry is beginning a dramatic restructuring."

Mr Ford indicated last month that cost-cutting measures would be revealed with third-quarter results. Yesterday, he said they would be announced in January.

He said he wanted to give the new North American management time to review internal needs, the impact of Delphi's bankruptcy filing and GM's deal with the United Auto Workers' (UAW) union to reduce healthcare costs. Ford is also holding UAW talks.

Ford's net third-quarter loss was $284 million (€236 million), versus a $266 million profit a year earlier. The loss from continuing operations, excluding special items was in line with forecasts.

Ford said that earnings for the year were likely to be "at the low end" of its latest target of $1-$1.25 a share, excluding special items.

Ford Europe reported a pretax loss of $55 million, against $33 million a year ago.