Ford could close more plants

Struggling Ford Motors Co. could be forced to shutter seven more plants and ask its unions for a 20 percent cut to wages and benefits as it faces a financial "meltdown," a respected analyst said.

The recent dramatic decline in Ford's market share has brought the automaker to the brink of a crisis which could undermine the assumptions in its current restructuring plan, said Sean McAlinden, chief economist at the Center for Automotive Research.

"We're really, really worried about Ford," McAlinden said during a presentation to a group of investment bankers, journalists and human resources managers.