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Ford, with losses, says it can survive

Jan. 29, 2009 at 2:51 PM   |   Comments

DEARBORN, Mich., Jan. 29 (UPI) -- U.S. automaker Ford Motor Co., a holdout from government bailout funds, said it lost $14.6 billion in 2008, but could still manage without government help.

The company said it finished the year with $24 billion in cash reserves, although much of that is borrowed, The New York Times reported Thursday.

Ford's rivals, General Motors Corp. and Chrysler LLC have accepted billions in government aid to see them through an industry-wide slump in auto sales. Ford, however, said it had "sufficient liquidity to fund its business plan and product investments."

"We continued to take the decisive actions necessary to lower production to match the lower worldwide demand and reduce costs," Chief Executive Officer Alan Mulally said.

In the fourth quarter, Ford's revenues fell 36 percent from a year earlier, dropping to $29.2 billion. Fourth quarter losses were $5.9 billion.

The company has lost money for three consecutive years. In 2006, Ford lost $12.7 billion, at the time a company record. In 2007, it lost $2.7 billion.

© 2009 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
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