We'll survive the downturn and prosper, says Ford CEO

WILMINGTON: Ford Motor Co, the only US automaker to forgo federal aid, will survive a 15% global drop in auto sales this year by cutting costs and making cars more fuel-efficient, Chief Executive Officer Alan Mulally said.

���We���re fully aware of the seriousness of the challenges we face,��� Mulally told shareholders at the automaker���s annual meeting in Wilmington, Delaware. ���I���m confident that not only will we survive this downturn, but that we will emerge as a lean company positioned for profitable growth.���

Ford went into the meeting with 13 losses in the past 15 quarters. Mulally plans to reach break-even results in 2011 without relying on government loans or a bankruptcy filing. The automaker took advantage of a rising stock price to raise $1.43 billion on May 12 by issuing 300 million common shares. Mulally plans to use the proceeds to buttress the balance sheet and finance a union-run medical fund.