Thursday May 14, 03:25 PM
Ford on track to return to profit in 2011: CEO
CHICAGO (AFP) - Ford Motor Co. remains on track to return to profitability by 2011 and will not need government loans to help it survive the current economic downturn, the automaker's chief said Thursday.
"We are confident that we will not only survive this downturn but that we will emerge as a lean, globally integrated company poised for long-term profitable growth," said chief executive Alan Mulally.
Mulally attributed the company's success to a massive and focused restructuring plan implemented prior to the global economic meltdown.
The automaker had already slashed cuts, shuttered plants, revitalized its product offerings and secured a massive line of credit when the financial market and auto sales collapsed months ago.
Rival Chrysler was recently forced into bankruptcy protection and General Motors (NYSE: GM - news) could soon follow despite receiving billions in emergency government loans.
"We are different than the other automakers today and from ourselves a few years ago," Mulally said at Ford's annual shareholder meeting.
"We have sufficient liquidity to make it through this global downturn while maintaining our product plan without the need for government loans."
The automaker remains "on track" for its overall North American pretax results to be "at or above break even in 2011 excluding special items," he added.
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