The manufacturer said its net loss for the fourth quarter of 2008 was $5.9bn (£4.1bn), and for the whole year, the loss amounted to a record $14.6bn. Virtually every carmaker is now struggling thanks to the global economic downturn and Ford's December US sales fell 32%. Meanwhile General Motors sales dropped 31% in the same month, compared to December 07.
Ford reported a loss of $2.7bn in 2007 and $12.6bn in 2006 and has now reportedly been forced to cut 1,200 jobs in a bid to save money.
In the fourth quarter of 2008, Ford's revenue fell to $29.2bn down from $45.5bn a year earlier. Ford said in a statement: 'Based on current planning assumptions it does not need a bridge loan from the US government, barring a significantly deeper economic downturn or a significant industry event, such as the bankruptcy of a major competitor that causes disruption to the company's supply base, dealers or creditors.'
Ford chief executive Alan Mulally added: '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.'
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