Ford mentioned that it would like to see a quick resolution to GM's bankruptcy filing, and it made a point to remind the White House that a healthy supply base is equally important. Then, Ford got right to the point with its biggest issue.
"We look forward to working with the Obama administration to ensure that the government's majority ownership of GM will not change the industry's competitive dynamics and that a level playing field will be maintained."Since the new GM will be owned principally by the US government, Ford has reason to be concerned. And with nearly $20 billion in government loans that may never be repaid, a level playing field could already be out of the question. Ford has also lost billions over the past couple years, and since it mortgaged all its assets to steer clear of federal assistance, the Dearborn automaker will have to repay every penny or risk losing everything. Hit the jump to read Ford's release.
[Image Source: Bill Pugliano/Getty]
FORD STATEMENT ON GM BANKRUPTCY FILING
DEARBORN, Mich., June 1, 2009 – Today's announcement that GM is filing for Chapter 11 bankruptcy is another important development during this unprecedented period for the auto industry and the global economy.
The Ford team continues to monitor the industry environment and plan for all contingencies to ensure our transformation plan remains on track. At this time, we do not expect any major disruptions to our operations as a result of today's news.
We share President Obama's hope that GM's bankruptcy will be controlled and orderly, and we continue to believe it is important that our governmental leaders and the U.S. Automotive Task Force remain focused on the stability of the supply chain and on ensuring that a healthy U.S. auto industry emerges from this difficult economic period. We look forward to working with the Obama administration to ensure that the government's majority ownership of GM will not change the industry's competitive dynamics and that a level playing field will be maintained.
Ford remains absolutely committed to continuing to make progress on our transformation plan without accessing emergency taxpayer assistance from the U.S. government. We have been executing our plan for several years and now gaining market share and new customers with an unprecedented number of new high-quality, fuel-efficient vehicles, such the new Ford Fusion, F-150, Lincoln MKS and Lincoln MKZ. Coming soon are the highly acclaimed Ford Taurus, Lincoln MKT and Transit Connect.