The automaker also said it was raising its second-quarter production forecast by 10,000 units in North America to 435,000 vehicles. However, that is still down some 250,000 vehicles from its production a year earlier.
Ford shares were up 22.5 percent at $5.50 in trading before the market opened. They have risen from a 27-year-low of $1.02 in November, when automakers were in the process of appealing for emergency loans.
SHOOT: In 2006 Ford borrowed $23 billion and have made a loss of $30 billion over the last 3 years. In 2008 they lost a record $14.7 billion. They're now seeking more to stave off bankruptcy. What do you think? Should they get it?
DETROIT (Reuters) –
Ford Motor Co posted a smaller-than-expected first-quarter loss and said it was on track to at least break even in 2011 and did not expect to seek U.S. government loans, sending its shares up more than 22 percent.
cash.
Ford posted a net loss of $1.43 billion, or 60 cents per share, for the first quarter, compared with net income of $70 million, or 3 cents per share, a year earlier.
Ford posted a 2008 net loss of $14.7 billion, a company record, and has reported losses of about $30 billion over the past three years. The turnaround plan would have it at least break even in its pretax automotive operations in 2011.
The automaker borrowed more than $23 billion in late 2006 to support the restructuring in case of an industry downturn, using most of its remaining assets, including the familiar blue oval logo, as collateral.
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