Ford says could wait on U.S. loans until 2009

Tue Nov 18, 2008 11:27pm EST
 
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LOS ANGELES (Reuters) - Ford Motor Co has the cash it needs to wait until 2009 if a U.S. government rescue package for the auto industry is delayed until January, a senior executive said on Tuesday.

"Our liquidity is such that we don't have to access the loans immediately, but that's going to depend on the economy going forward, and we think it's prudent to be prepared for 2009, which may be worse than 2008," said Mark Fields, who heads the automaker's operations in the Americas.

Fields, who was speaking on the sidelines of an event to unveil Ford's redesigned 2010 Mustang, said that November U.S. auto sales appeared to be consistent with industry-wide results in October, which dropped to a 25-year low.

"We're seeing November so far develop a long the same lines as October. We're not seeing any further deterioration, but clearly on a year-over-year basis, it's down significantly," Fields told reporters.

(Reporting by Kevin Krolicki; Editing by Kazunori Takada)