This article is from the source 'bbc' and was first published or seen on . It will not be checked again for changes.
You can find the current article at its original source at http://news.bbc.co.uk/go/rss/-/1/hi/business/7858289.stm
The article has changed 5 times. There is an RSS feed of changes available.
| Version 0 | Version 1 |
|---|---|
| Ford reports record yearly loss | Ford reports record yearly loss |
| (10 minutes later) | |
| US carmaker Ford has reported the biggest full-year loss in its history, but said it still was not going to ask for government loans. | US carmaker Ford has reported the biggest full-year loss in its history, but said it still was not going to ask for government loans. |
| Ford said its net loss for the fourth quarter of 2008 was $5.9bn (£4.1bn). For the whole year, the loss amounted to a record $14.6bn. | Ford said its net loss for the fourth quarter of 2008 was $5.9bn (£4.1bn). For the whole year, the loss amounted to a record $14.6bn. |
| Unlike its rivals General Motors and Chrysler, Ford so far has not sought federal loans. | Unlike its rivals General Motors and Chrysler, Ford so far has not sought federal loans. |
| Carmakers around the world have been hit by a drop in global demand. | Carmakers around the world have been hit by a drop in global demand. |
| Ford's previous record yearly loss of $12.6bn was reported in 2006. | |
| No loan needed | |
| In the fourth quarter of 2008, Ford's revenue fell to $29.2bn, down from $45.5bn a year earlier. | |
| Its quarterly net loss of $5.9bn was bigger than expected by analysts. | |
| Despite the loss, Ford said in a statement that it had "sufficient liquidity" to fund its restructuring plan. | |
| "Based on current planning assumptions, it does not need a bridge loan from the US government, barring a significantly deeper economic downturn or a significant industry event, such as the bankruptcy of a major competitor that causes disruption to the company's supply base, dealers or creditors," the carmaker said in a statement. |