Ford reports a $14.6 billion loss in 2008
January 30th, 2009 Leave a comment Visited 41 times, 2 so far today
Ford reports a $14.6 billion loss in 2008
US based automaker Ford has revealed that it made a $14.6 billion loss in 2008.
The company still is not looking for a federal bailout like their rivals GM and Chrysler.
Ford however has told their lenders that they would draw $10.1 billion from an existing line of credit to shore up its balance sheet.
The company has also announced their plans to cut 1200 jobs in the finance division.
Ford chief executive Alan R. Mulally had this to say: “Ford has sufficient liquidity to make it through this global downturn and to maintain our product plans without the need for government bridge loans. We would however require a government bridge loan if there is 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.”
Alan Mulally, automakers, Automobiles, Ford, Ford Motor, Ford Motor Company, USA
Somanshu
Category: Automobiles
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