They were doing so bad in late-2006 (in an economic boom) that they were forced to leverage the entire company to raise capital for restructuring. So they had $23 billion in cash when the market for automobiles collapsed 18 months later. The only reason they didn't get government bailout money was because they'd just had a private bailout.
If you recall, Ford went to Congress for a bailout just like the others. They didn't let the fact that they didn't need the money stop them from lining up at the trough alongside GM and Chrysler. One can only assume their sole reason for dropping out was realizing the billions on their balance sheet would disqualify them from receiving funds.
I don't know if it's that simple. Ford didn't ask for the bailout after all, probably because they realized how much leverage it would give the government over their operations. You know how startup founders are wary about giving VC's too much control over their business? I'd imagine automakers (especially Ford, which is still largely a family business) are just as wary about giving the government too much control over their business. And, unlike GM and Chrysler, Ford has the good fortune to be a good ways away from bankruptcy (though from a business standpoint, bankruptcy would still be better than nationalization).
Sure, there is probably a little bit of luck involved but when is that not the case? They have done a much better job of getting their world in order the last few years.
I will say this, though, if I was to buy a new car today I would seriously consider a Ford. I bought my last new car almost 5 years ago and I did not even get past their web site when I was looking at cars. Right now I'd consider a couple of their smaller cars if I were in the market for something smaller or maybe a smallish cross-over type vehicle. That is not luck. They have really improved their cars over the last few years. I rented an Edge last time I was in Denver and was pretty impressed by how well it handled and the fuel mileage it got. Again, that is not luck, either. I have been in recent Chryslers and GMs and can't stand them one bit. They just make bad cars and deserve to go away.
I have a feeling them not taking/asking for money has more to do with the loan covenants/restrictions than anything else, however.
They were doing so bad in late-2006 (in an economic boom) that they were forced to leverage the entire company to raise capital for restructuring. So they had $23 billion in cash when the market for automobiles collapsed 18 months later. The only reason they didn't get government bailout money was because they'd just had a private bailout.
If you recall, Ford went to Congress for a bailout just like the others. They didn't let the fact that they didn't need the money stop them from lining up at the trough alongside GM and Chrysler. One can only assume their sole reason for dropping out was realizing the billions on their balance sheet would disqualify them from receiving funds.