DEARBORN, Mich. " Ford Motor Co. said Thursday it lost $5.9 billion in the fourth quarter and burned through $5.5 billion in cash as sales slumped, but the company still says it does not plan to seek federal loans.
After losing $14.6 billion in 2008, the second-largest U.S. automaker said it was cutting more jobs and will borrow $10.1 billion from an existing line of credit to help get it through what is expected to be a tough 2009.
Chief Executive Alan Mulally said on a conference call with reporters and industry analysts that the company plans further restructuring actions that will be announced later.
Ford said it lost $2.46 per share in the three months ended Dec. 31, compared with a loss of $2.8 billion, or $1.13 per share, for the year-ago period.
Revenue fell to $29.2 billion, down 36 percent from $45.5 billion in the fourth quarter of 2007.