Ford posts $1.4 billion 1Q loss, uses less cash

DEARBORN, Mich. (AP) — Ford Motor Co. reported a first-quarter loss of $1.4 billion Friday and said it depleted less of its cash, emphasizing that it doesn't expect to seek any of the government assistance that is keeping the rest of the Detroit Three alive.

The nation's second-largest automaker said it spent $3.7 billion more than it took in during the first three months of the year, far less than the $7.2 billion it spent in the fourth quarter of 2008.

Ford shares climbed 69 cents, or 15.5 percent, to $5.18 in midday trading.

Chief Financial Officer Lewis Booth said the company is confident that it will slow the drain on its cash even further this year, and he said Ford will make it through 2009 without needing government aid. He would not speculate, however, about 2010.

"This is a very, very difficult environment," Booth said. "We're comfortable we'll get through this year."

Ford said it cut structural costs by $1.9 billion, adding that it is likely exceed its $4 billion cost-cutting goal for the year.