Ford is still alive and pumping. According to FoMoCo CEO Alan Mulally, the company has enough liquidity to fund its restructuring plan and despite the fall in auto sales still sees no need to ask the government for loans.
“We don’t want to borrow any more money. We have sufficient liquidity to fund our transformation plan, which means our business is in a relatively good shape,” Mulally told reporters at the National Automobile Dealers Association convention.
When rivals General Motors and Chrysler received approval for $17.4 billion in bridge loans, Ford had requested for access of up to $9 billion in credit from the government. Washington has yet to answer Ford’s request.
Mulally reminded the press that in 2006 Ford had borrowed more than $23 billion in 2006 using most of the company’s assets. He said that Ford is hoping to start turning things around through the second half of 2009.