Ford CEO Sees No Auto Recovery Until 2010

Ford CEO Alan Mulally expects no recovery in the global car market until 2010, according to published reports.

Author:: TSC Staff
Publish date:: Oct 2, 2008 7:39 AM EDT

Ford Motor

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.

This article was written by a staff member of TheStreet.com.