Ford Motor Co. today reported its worst year in its 105-year history, driving through more than $5.9 billion in cash in the fourth quarter on its way to a $14.6 billion loss for the year, reports Bloomberg. The company said it had enough cash reserves and credit available to survive without tapping into any government bailout money.
The $14.6 billion loss eclipses its previous record of $12.6 billion lost in 2006. Last year the automaker lost $11.8 billion. Ford said it would scoop $10.1 billion from its cash reserves for the first quarter. Ford also said the UAW agreed to end its job bank practice, saving Ford from having to pay union members even when no work is available.