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Ford burns through $5.5 billion in 4th quarter as losses mount

Thu, 29 Jan 2009

Ford Motor Co., the only U.S. automaker operating without federal loans, burned through $5.5 billion in cash during the final three months of 2008 as losses mounted.

Ford finished the year with cash reserves of $13.4 billion. The company said it is drawing down $10.1 billion in available credit lines immediately because of concerns about unstable capital markets and the uncertain economy.

Ford reported a net loss of $5.9 billion for the fourth quarter, compared with a loss of $2.8 billion a year earlier, capping its third straight year without a profit. The pretax operating loss, excluding special items, was $3.7 billion, compared with a loss of $620 million during the same period in 2007.

By Amy Wilson- Automotive News