Ford just reported its worst full-year loss on record, but said it has enough cash and credit available to survive the year without resorting to government funding. The automaker lost $14.6 billion, or $6.41 per share last year. Ford will therefore access all of the $10.1 billion it has available in lines of credit with its banks because of its concerns about growing instability in the market, reports The Detroit Free Press.
Last year, Ford lost $2.7 billion, or $1.38 per share. Ford’s 2008 revenue declined to $146.3 billion, down from $172.5 billion in 2007.
Ford also said that the UAW has agreed to end its controversial jobs bank program, which pays UAW workers who are not working. About 1,400 employees were in Ford’s jobs bank as of November. GM said Wednesday its jobs bank program will end next week and Chrysler ended its jobs bank program earlier this week.
During the final three months of the year, Ford said it lost $5.9 billion or $2.46 per share, compared with a loss of $2.8 billion, or $1.13 per share, for the year-ago period.
Ford is the only domestic automaker that has yet to ask for government loans to help it survive.