With vehicle sales and revenue crashing in all its markets worldwide, Ford Motor Co. on Thursday reported a worse-than-expected $5.9-billion loss for the fourth quarter but continued to insist that it could operate without help from Washington.
In the face of what the automaker’s chief executive, Alan Mulally, called “unprecedented challenges” that had “shaken the foundations of the industry,” Ford lost $14.6 billion for all of 2008, its worst full-year results.
Nevertheless, Mulally said the company would not require government aid, unlike rivals General Motors Corp. and Chrysler, which have been loaned $17.4 billion by the federal government. Ford did leave open the possibility of seeking a bailout should market conditions further deteriorate.
The automaker also said that it would draw down remaining credit lines worth $10.1 billion but added that the funds were not immediately necessary and that it would keep the cash on hand as a financial security blanket.
In the U.S., its most important market, Ford’s sales were down 20% last year, worse than the industry as a whole.
And with its sales volume down in every other global market, the carmaker continued to deplete its cash stores through the end of the year despite significant cost and production reduction efforts and major asset sales, including most of the company’s stake in Mazda Motor Corp.
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