Ford reports record yearly loss, but wonÔÇÖt ask for help

The Ford Motor Company has reported the largest full-year loss in its history but says it still will not seek government aid in the form of an emergency loan.  The US automakerÔÇÖs net loss for the fourth quarter of 2008 was $5.9 billion, up from a loss of $2.8 billion in the same quarter a year ago.  Ford's worldwide vehicle sales plunged 31 percent from a year ago, to 1.1 million. Total sales dropped 36 percent, to $29.2 billion. For the year, the loss amounted to a record $14.6 billion. Its previous record was a $12.6 billion loss in 2006. The 105-year-old auto giant has now lost nearly $30 billion over the past three years. In addition to suffering from weak demand for vehicles, Ford also sold its Jaguar, Land Rover and Mazda brands last year.  Despite the loss, Ford said in a statement that it had "sufficient liquidity" to fund its restructuring plan and that it did not need federal aid unless the economy worsens significantly or one of its competitors files for bankruptcy protection.  Instead, Ford said it will draw on its available credit lines to receive an additional $10.1 billion in cash in the first quarter.  Unlike crosstown rivals General Motors and Chrysler, Ford so far has not sought a federal bailout. GM and Chrysler have already received $13.4 billion in emergency loans from the government to stave off bankruptcy.  Ford also said that the United Auto Workers union has agreed to end its controversial jobs bank program, which guarantees nearly full pay for factory workers after their jobs have been eliminated. The company said management and the union are working on details of implementing that agreement.