Ford Reports Record Loss for 2008 Following Dismal Fourth Quarter

After losing $5.9 billion in the fourth quarter of 2008 Ford has reported that their final figures for the year represented a record loss of $14.6 billion. Despite the staggering losses the carmaker has maintained it will not seek money from the government.

The previous record loss for Ford was set in 2006 when they lost $12.6 billion. They followed that with a loss of $2.7 billion in 2007.

The Big Three- General Motors, Chrysler and Ford, were hit particularly hard by the economic collapse that occurred in 2008. With gas prices hitting record highs and a rise in unemployment car companies saw their sales numbers take huge hits across the board. Ford CEO Alan Mulally addressed that tough economic time saying, “Ford and the entire auto industry faced an extraordinary slowdown in all major global markets in the fourth quarter that clearly had an impact on our results.”

While GM and Chrysler have sought and secured billions in loans from the government Ford released a statement that said, “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.”

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