The Ford Motor Company says it lost $5.8 billion during the third financial quarter and is warning of more losses next quarter.

Ford executives blamed slow sales and costs associated with its massive restructuring plan for the company's biggest quarterly loss in 14 years.

Ford chief executive, Alan R. Mulally called the loss "unacceptable" and said now is a "critical time" for the company.

In the last nine months, Ford has reported a a total of more than $7 billion in losses.

The 103-year-old American company has begun a restructuring plan that includes cutting jobs and closing some factories in North America to become profitable.

Analysts have predicted the plan will not begin delivering substantial financial benefits for Ford until 2009.

Some information for this report was provided by AP and Reuters.