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Ford not to seek federal loans after heavy quarterly loss
Source: Xinhua |
January 30, 2009, Friday
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FORD Motor Company on yesterday reported a fourth quarter net loss of US$5.9 billion, compared with a loss of US$2.8 billion in the same period of 2007.
"Ford and the entire auto industry faced an extraordinary slowdown in all major global markets in the fourth quarter that clearly had an impact on our results," said Ford President and CEO Alan Mulally in a statement.
The second-biggest US automaker posted a total loss of 14.6 billion dollars in 2008.
Based on current planning assumptions, Ford reiterated it has sufficient liquidity to fund its business plan and product investments. Ford said it finished 2008 with 24 billion dollars inavailable Automotive liquidity, including 13.4 billion dollars in Automotive gross cash.
Ford's fourth quarter revenue plunged to US$29.2 billion from US$45.5 billion a year ago as the economic woes pared the company's US sales by 30 percent.
But the company reconfirmed that, based on current planning assumptions, it does not need a bridge loan from the US government, barring a significantly deeper economic downturn or a significant industry event, such as the bankruptcy of a major competitor that causes disruption to the company's supply base, dealers or creditors.
GM and Chrysler had asked for and received low-interest loans from the federal government to keep themselves afloat.
Also on yesterday, Ford said the United Auto Workers union has agreed to end the "jobs bank" at Ford, known as the Job Security program. The company and the union presently are working out the details of implementation.
"Ford and the entire auto industry faced an extraordinary slowdown in all major global markets in the fourth quarter that clearly had an impact on our results," said Ford President and CEO Alan Mulally in a statement.
The second-biggest US automaker posted a total loss of 14.6 billion dollars in 2008.
Based on current planning assumptions, Ford reiterated it has sufficient liquidity to fund its business plan and product investments. Ford said it finished 2008 with 24 billion dollars inavailable Automotive liquidity, including 13.4 billion dollars in Automotive gross cash.
Ford's fourth quarter revenue plunged to US$29.2 billion from US$45.5 billion a year ago as the economic woes pared the company's US sales by 30 percent.
But the company reconfirmed that, based on current planning assumptions, it does not need a bridge loan from the US government, barring a significantly deeper economic downturn or a significant industry event, such as the bankruptcy of a major competitor that causes disruption to the company's supply base, dealers or creditors.
GM and Chrysler had asked for and received low-interest loans from the federal government to keep themselves afloat.
Also on yesterday, Ford said the United Auto Workers union has agreed to end the "jobs bank" at Ford, known as the Job Security program. The company and the union presently are working out the details of implementation.
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