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Ford Motor Co. Message Board

  • Jan 29, 2009 5:00 PM Flag

    FORD Gained Market Share in U.S., Europe, Achieved Cost Target +

    Gained Market Share in U.S., Europe, Achieved Cost Target +

    DEARBORN, Mich., Jan. 29 /

    - Reduced Automotive costs by $1.4 billion in fourth quarter and $4.4
    billion in 2008 versus year-ago levels. Achieved $5.1 billion in North
    America cost reductions at year-end 2008 compared with 2005, excluding
    favorable impact of depreciation and amortization from asset impairment
    at the end of the second quarter.

    - Decisively reduced global dealer stocks by more than 50,000 vehicles
    compared with the third quarter. Ford now has among the lowest days'
    supply in the industry.

    - Product transformation continues to gain strength, helping the company
    to gain market share in Europe for fourth quarter and full year, and in
    the U.S. in the fourth quarter.

    - Total liquidity of $24 billion, including Automotive gross cash of $13.4
    billion, at Dec. 31, 2008. +++

    - Ford is drawing its available credit lines due to concerns about the
    instability of the capital markets with the uncertain state of the
    economy. The $10.1 billion will be added to company cash for the first
    quarter 2009.

    - The United Auto Workers union has agreed to end the "jobs bank" at Ford.
    The company and the union are presently working out the details of

    - Based on current planning assumptions, Ford has sufficient Automotive
    liquidity to fund its business plan and product investments and does not
    need a bridge loan from the U.S. government.

    - Ford remains on track for both its overall and its North American
    Automotive pre-tax results to be at or above breakeven in 2011,
    excluding special items.

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