From Automotive News:
Ford burns through $5.5 billion in 4th quarter as losses mount


By Amy Wilson


DETROIT -- Ford Motor Co., the only U.S. automaker operating without federal loans, burned through $5.5 billion in cash during the final three months of 2008 as losses mounted.
Ford finished the year with cash reserves of $13.4 billion as it tries to avoid borrowing money from the U.S. government. Ford said it is immediately drawing down $10.1 billion in available credit lines because of concerns about the instability of the capital markets and the uncertain economy.
The company reported a net loss of $5.9 billion for the fourth quarter, compared with a loss of $2.8 billion a year earlier, capping its third straight year without a profit. The pre-tax operating loss, excluding special items, was $3.7 billion, compared with a loss of $620 million during the same period in 2007.
Some analysts say Ford needs at least $10 billion on hand to run its operations. At the current cash burn rate of $1.83 billion a month, Ford would have crossed that threshold by the end of February.
Drawing down the $10.1 billion would give Ford overall liquidity of $23.5 billion, minus the amount of cash been used thus far in January. Based on its current assumptions, Ford continues to say it has adequate liquidity to fund its business plan.
Ford executives have said they may ask for government help if industry sales don't start to recover this year.
U.S. rivals General Motors has received $9.4 billion in loans so far, part of a $13.4 billion packaged granted by President George W. Bush. Chrysler LLC has received $4 billion and says it needs at least $3 billion more.