DEARBORN, Mich. (AP) _ Ford Motor Co. narrowed its losses in the fourth quarter and for all of 2007 amid continued weakness in North America and said Thursday the outlook for U.S. sales in 2008 remains grim.

Ford President and Chief Executive Alan Mulally also said the company will be adjusting production and making further cost reductions in North America, including a new round of buyouts for its 54,000 U.S. hourly workers.

Details of the buyout program were expected later today.

Ford lost $2.8 billion, or $1.30 per share in the fourth quarter, narrower than a loss of $5.6 billion, or $2.98 per share, in 2006. The full-year loss of $2.7 billion, or $1.35 per share, was significantly better than 2006, when Ford lost $12.6 billion, or $6.72 per share.

Dearborn-based Ford reported revenue of $44.1 billion for the fourth quarter, up from $40.3 billion in the year-ago quarter. The company reported full-year revenue of $172.5 billion, up from $160.1 billion in 2006.

Excluding special items, Ford lost 20 cents per share for the quarter and 19 cents per share for the year, in line with Wall Street’s expectations. Analysts surveyed by Thomson Financial had predicted a loss of 19 cents per share for the quarter and 17 cents per share for the year.

Special items for the year included a $705 million charge for separation programs in North America and a $208 million gain from the sale of Aston Martin.

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