Ford Motor(F) 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) 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.>To order reprints of this article, click here: ReprintsTheStreet Premium Services For Personal Service: 877-471-2967
Jim Cramer's Action Alerts PLUS:
Trade right alongside a Wall Street pro — enjoy access to his Charitable Trust portfolio and be sent trade alerts BEFORE he makes a move. Learn More
ETF Profits:
Get money-making ideas from the hottest investment vehicle on the planet. Our experts show you how to play various ETF sectors to help pump-up your portfolio. Learn More
OptionsProfits:
Get 50+ trade ideas a week from the industry's top options experts. Plus — exclusive commentary on market trends and essential trading tools. Learn More
Real Money:
Our team of professional Wall Street Pros — including Jim Cramer, Doug Kass, and Nicholas Vardy — delivers intelligent analysis, timely trade ideas, and colorful commentary. Learn More
Stocks Under $10:
Break into the market with small- and mid-cap stocks... all $10 or less! David Peltier tells you exactly which low-priced stocks he's buying and selling. Learn MoreTo begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
blog comments powered by Disqus
| Dow Jones | S&P 500 | NASDAQ | 10-Year Note | |
|---|---|---|---|---|
| 12,890.46 | 1,351.95 | 2,927.23 | 20.47 |
Oil *
118.75
|
|
UP
6.51 |
UP
1.99 |
UP
11.37 |
UP
0.72 |
10 Yr
2.05%
SPDR Gold
168.02
|
|
+0.05%
|
+0.15%
|
+0.39%
|
+3.65%
|
Data delayed 20 minutes |
Connect with TheStreet