Net losses of US$5.9 billion were reported by the Ford Motor Company. Despite these heavy losses Ford says it does not need a bailout from the US government.
The Ford Motor Company has reported a net loss of US$5.9 billion for the fourth quarter in 2008. In contrast the motor manufacturer posted a net loss of some US$2.8 billion in the fourth quarter of 2007. Pre-tax operating losses amounted to US$3.7 billion compared to US$620 million for the same period a year before. After-tax losses were reported at US$3.3 billion.
Despite these negative numbers Ford insists it has enough money to fund its business plan and product investments. The company says it does not need a bailout loan from the US government in order to achieve its plans. It has sufficient credit lines from which it is drawing funds in order to be covered during these uncertain global financial times. These funds should be available by February 3. By 2011 if all goes according to its current business plan, Ford expects to either break even or to be profitable again.