Ford hopes to bring profits as soon as 2011 without government loans

FoMoCo announced today that its restructuring efforts are on track and will be completed without the need of an emergency government bridge loans. In a meeting with 98 shareholders at the Hotel du Pont in Wilmington, Delaware, Ford said that it hopes to bring profit as soon as 2011.

The Dearborn automaker said that it has also approved the company’s funding plan for a healthcare trust for UAW retirees.

Executive Chairman Bill Ford said that the current industry environment is the worst and toughest he’s seen in his three decades in the business.

“We are confident that we will not only survive this downturn, but that we will emerge as a lean, globally integrated company poised for long-term profitable growth,” Mulally told the 98 shareholders.

– By: Kap Shah

Source: Reuters