Ford Motor Co. today posted a record loss of nearly $14.6 billion for 2008 and reported a fourth-quarter net loss of $5.9 billion. That was worse than Wall Street was expecting, but the company insisted that it has sufficient liquidity to weather the current economic crisis and does not need government aid.
"Ford and the entire auto industry faced an extraordinary slowdown in all major global markets in the fourth quarter that clearly had an impact on our results," said CEO Alan Mulally. "We continued to take the decisive actions necessary to lower production to match the lower worldwide demand and reduce costs, which we expect will allow us to significantly reduce negative operating cash flow in 2009 and position Ford for growth when the economy rebounds."
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