Ford reported heavy losses in its latest quarter amid lower demand but said it won't need a bailout from the U.S. government.

Ford Motor Co. reported a fourth quarter loss of $5.88 billion or $2.46 a share compared to a loss of $3.06 billion or $1.13 per share a year earlier.

Analysts said the losses were due to a strong decline in demand for vehicles but Ford said it won't need a bailout from the Federal government.

Revenue fell to $29.2 billion from $44.1 billion. Ford said it had a loss of $3.27 billion or $1.37 per share from continuing operations, excluding one-time items. Analysts expected a loss of $1.23 per share according to Reuters.

Shares of Ford were trading up 3.1 percent or 6 cents to $2.03 a share, ahead of the opening markets Thursday.

Ford Motor Company