Ford Chief Executive Alan Mulally said Monday that the automaker's financial position and its product-development efforts are helping it face a slumping market at home and a slowing one abroad.
DEARBORN, Mich. — Ford Chief Executive Alan Mulally said Monday that the automaker’s financial position and its product-development efforts are helping it face a slumping market at home and a slowing one abroad.
“Everything you read in the paper about the business situation is really pretty true,” he told Inforum, a women’s business group, in Ford’s hometown. “It really is tough out there. … But as bad as everything is, it’s really going quite well.”
Mulally, former CEO of Boeing Commercial Airplanes division, said the automaker has the financing in place to handle the U.S. auto-sales slump.
Ford mortgaged its factories, brand names and other items to secure a $23.4 billion line of credit to fund its restructuring plan and cover losses.
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“Fortunately, we aggressively went to the markets a year ago … and took out a small, home-improvement loan,” he said to laughter. “(It’s) enough cushion to be able to handle a downturn.”
Ford has abandoned a forecast of returning to profitability in 2009 and now can’t say when it will make money again.