Ford Asks Congress For $9 Billion In Stand By Credit But Has No Plans To Use It

Ford Motor Co. is asking Congress for a $9 billion "stand-by line of credit" to stabilize its business, but says it doesn't expect to tap it.

Unless one of Detroit's other Big Three auto companies goes bust, Ford expects to have enough money to make it through next year without government help, it said in a plan that projected the firm will break even or turn a pretax profit in 2011.

Detroit's automakers, making a second bid for $25 billion in funding, are presenting Congress with plans Tuesday to restructure their ailing companies and provide assurances that the funding will help them survive and thrive.

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Foreigner - 12/2/2008 3:45:34 PM

+2 Boost

Your title includes a double negative. Professional.

Agent009 - 12/2/2008 3:51:12 PM

+1 Boost

Hey I'm human. Thanks for the catch, I just corrected it.

Foreigner - 12/2/2008 3:52:14 PM

+2 Boost

Excellent - just keeping the Spies on their toes :)

Agent009 - 12/2/2008 4:25:34 PM

+1 Boost

I was a victim of revising the headline too many times before submitting.

veyron1001 - 12/2/2008 4:08:23 PM

0 Boost

Hey Congress give me the 9billion dollars. At least I know what I am going to do with it.

Whelan - 12/2/2008 4:41:25 PM

+2 Boost

Ha. I can at least say Ford is probably the only one who has the wherewithall to get through this. With their strong European models and sales they are finally going to bring those over here for us to indulge in. And not too soon either. Their small cars in Europe do well with the Ka and Fiesta (soon to be the Verve). The European Focus is on it's way and not a minute too soon. And the revamped Fusion we just saw here a few days back looks really enticing.

Ford could be making a good name for itself yet.

BMWM - 12/2/2008 8:17:14 PM

+1 Boost

I agree. Of all the American car companies, I have the most hope for Ford. Chrysler build straight crap cars, and GM isn't building new exciting models fast enough. Ford already has a profitable European company that produced extremely well reviewed cars that are well made and fun to drive. They already have plans to globalize all of their upcoming offerings (aka new Fiesta, and later the new Focus) and will reduce a lot of profit loss that way. They are already in the middle of a transition to a profitable well run company as opposed to GM which is just contemplating the idea now.