Detroit automakers at the brink as oil surges

DETROIT


Ford Motor Co.’s warning Thursday that it would miss its goal of returning to profitability in 2009 underscored the growing economic pressure on the battered industry.

For now, Ford, General Motors Corp. and Chrysler LLC have the cash and credit to weather a continued slump as they play for time by selling more assets and raising financing, according to equity and credit analysts.

“They have some levers to pull and some time to work it out,” said Pete Hastings, a bond analyst with Morgan Keegan.

Reuters