Unlike GM (GM) and Chrysler, which took cash from the fed, Ford (F) said this morning that it still has no plans to accept money from the feds. It does, however, plan to draw down on its $10.1 billion in credit lines. Of course, the company lost gobs of money in Q4, burning through $5.5 billion, but the company does plan to be profitable in… 2011! (That’s excluding items, of course). Somehow we don’t feel confident that they, nor anyone else, has any clue how things will play out in the next two years.
Like at GM and Chrysler, Ford has come to an agreement with the UAW to end the controversial jobs bank — paying some workers to bide their time — so that’s some progress.