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| Ford reports record yearly loss | Ford reports record yearly loss |
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| 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 reported a loss of $2.7bn in 2007 and $12.6bn in 2006, its previous record for a loss. | |
| Ford added that its credit division would cut 1,200 jobs, or 20% of the division's workforce. | |
| No loan needed | 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. | 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. | "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. |
| Ford has secured a $9bn credit line from the US government in anticipation of worse times ahead. | |
| General Motors and Chrysler have actually received billions of dollars in emergency loans from the government. |