Ford loses more than £4 billion

• Losses over past three months
• Double the deficit of 2007
• Refusing to take US Senate cash, however

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Ford has announced losses of more than £4 billion for the past three months – but insists it will return to profit without having to apply for US Government aid.

The loss was more than double the deficit posted for the same period in 2007, and underlines the dramatic recent collapse of the car market.

Overall, Ford lost $14.57 billion (about £10.2 billion) during 2008 – up from a $2.7 billion (about £1.9 billion) loss in 2007.

Ford said in a statement that it has $24 billion (about £17 billion) in available funds, including $13.4 billion (about £9.5 billion) in cash.