Ford expects to break even in 2011

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DETROIT (Reuters) - Ford Motor Co said on Tuesday it expects to break even or be profitable in 2011 and seeks access to up to $9 billion of government bridge loans to support its restructuring.

The news sent Ford's shares soaring about 13 percent in morning trading.

Ford, which burned through $7.7 billion of cash in the third quarter, said it submitted a business plan to the U.S. Congress and does not anticipate a liquidity crisis in 2009, barring a bankruptcy filing by one of its U.S.-based rivals, General Motors Corp or Chrysler LLC.

Ford said it expects both its overall and North American automotive business pretax results to be break-even or profitable in 2011.

Ford Chief Executive Alan Mulally, who, along with other automaker executives, drew criticism from U.S. lawmakers over their compensation and luxury travel arrangements, called the bridge loan "a critical backstop" for Ford that it may not have to access.

Ford said its CEO would take a $1 annual salary if Ford does access government funds. The automaker also said it would sell its five corporate aircraft.

GM, Ford and Chrysler have to meet a Tuesday deadline for submitting detailed plans to congressional leaders outlining restructuring efforts and their prospects for survival in order to secure $25 billion in emergency funding.

In the plan submitted to Congress, Ford said it had entered into discussions with the United Auto Workers to further reduce its cost structure and expects to continue to reduce its dealer and parts supplier base. Ford expects to have 3,790 dealers at the end of 2008.

"The Ford news has given the market a lift as it indicates that the automaker within two years will be back to profitability," said William Lefkowitz, options strategist at brokerage firm vFinance Investments in New York.

"For Ford, government loans would serve as a critical backstop or safeguard against worsening conditions, as we drive transformational change in our company," Mulally said in a statement.

Ford said on Monday it could sell the luxury Swedish car brand Volvo as it scrambles to shore up cash amid a deep industry downturn.

Ford shares were up 33 cents, or 12.94 percent, at $2.88 on the New York Stock Exchange.

(Reporting by David Bailey, Poornima Gupta and Soyoung Kim, editing by Maureen Bavdek)

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