DETROIT (Reuters) - Ford Motor Co (F.N), which has not sought U.S. government emergency aid, said on Thursday it has adequate liquidity amid worsening industry conditions and has no doubt about its ability to continue as a going concern.
Ford, which posted a record $14.6 billion net loss for 2008, stands in contrast to rival General Motors Corp (GM.N), which posted a nearly $31 billion loss for the year and warned on Thursday that it expected a going concern notice from its auditors.
Ford said it has adequate liquidity even if U.S. and European industrywide sales should fall sharply below the automaker's current projections and costs increase due to stresses on companies that supply auto parts.
The automaker sees as only remote the possibility that a major automaker competitor or auto parts supplier would file an uncontrolled bankruptcy in 2009, it said in a federal regulatory filing.
Accordingly, we have concluded that there is no substantial doubt about our ability to continue as a going concern, and our financial statements have been prepared on a going concern basis, Ford said.
Rival automakers GM and Chrysler LLC, about 80 percent controlled by Cerberus Capital Management CBS.UL, have received $17.4 billion of emergency government loans and are requesting up to $22 billion more.
U.S. auto suppliers as a group are seeking up to $18.5 billion of emergency government assistance.
(Reporting by David Bailey, editing by Gerald E. McCormick)