Ford can weather slump, CEO says
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From Times Wire Services
Ford Motor Co. has sufficient liquidity to weather an economic downturn, even if the economy worsens, Chief Executive Alan Mulally said.
Mulally said Dearborn, Mich.-based Ford initially believed it would need $17 billion for restructuring and to cover losses, but it raised $23 billion, giving it a cushion. Mulally said he didn’t know whether he had enough time to fix Ford, though he was confident in its restructuring plan that called for a return to profitability in 2009.
The CEO’s comments came two days before the automaker expects to announce the details of another round of buyout and early-retirement packages for hourly workers when it reports its 2007 earnings and future projections Thursday.
