Ford Motor (F), the Dearborn, Mich.-based auto maker, reported a narrowed loss in the third quarter, and said its liquidity position should be fine.
Alan Mulally, President and CEO of Ford told Fox Business that Ford performed very well worldwide, and mentioned South America and Asia as positives. However, the sales rate in the U.S. is lower than it’s been in 35 years. Mulally added that consumer confidence and a bad economy were at the root of the problems.
“It’s clearly a very very tough economic environment, now having said that, we feel like we’re making great progress on our plan, on the transformation of our product line and restructuring to operate profitably.”
Ford reported a $129 million loss for the third quarter, a six cent per-share loss for the period. That's less of a loss than the company reported in the same period last year of $380 million, or 19 cents per share.
The company went through $7.7 billion cash in the quarter, and has been struggling through the economic crisis, evidenced in the second quarter, when it experienced the highest three-month loss in its history, $8.7 billion.