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Ford CEO Sees No Auto Recovery Until 2010

TSC Staff

Ford Motor(F Quote) CEO Alan Mulally expects no recovery in the global car market until 2010, and reiterated that a bankruptcy filing for the auto maker wasn't a consideration, according to published reports.

"2009 is not going to be better than 2008," Mullaly told reporters at the Paris Auto Show, Reuters reports, after he was asked to comment on a 34% decline in Ford's U.S. sales in September.

"We won't see a recovery until 2010," he added, noting all markets were down around the globe, according to Reuters.

Mulally also reiterated that a bankruptcy filing for Ford is unlikely, the Wall Street Journal reports. Bankruptcy "is not in our consideration," he said. Ford "is going to keep restructuring for lower demand" and has ample financing "in place," he explained, the Journal reports.

Meanwhile, General Motors (symbol Quote) Operating Chief Fritz Henderson warned of weakness for months to come in both the U.S. and western European markets.

"Certainly in the first half (2009) it's going to be weak," Henderson told reporters at the auto show, Reuters reports.