Speaking at separate events in
'We also stress-tested our business plan ... if everything gets much, much worse, to go down lower and still be able to keep implementing our plan,' Mulally said at the Morgan Stanley (nyse: MS - news - people ) Global Automotive Conference. 'So we have the cash, we have the liquidity. We just need to absolutely stay on our plan now.'
Nardelli said at the New York International Auto Show that Chrysler prepared for a downturn in
He said Chrysler did not assume the economy will recover in the second half of this year as many automakers have.
The company, he said, is seeing some success outside
Chrysler, which lost about $1.6 billion last year, became a private company in August after Cerberus Capital Management LP became the majority owner, buying an 80.1 percent stake from German automaker Daimler AG.
Mulally told industry analysts that Ford, too, is ready even if
He told the group Ford planned for overall U.S. market sales of 15.7 million for the full year, but during the first two months it's running around 15.3 million.
That's at the low end of what Ford predicted for the first part of the year, but Mulally said the company's restructuring efforts are on or ahead of plan, preparing it for trouble.
'As hard as it is, as many people and facilities that it affected, it's really going well,' he said of the plan.
On Tuesday, automotive information company J.D. Power and Associates lowered its 2008 forecast for
Westlake Village, Calif.-based J.D. Power said lower consumer confidence and spending, financial market turmoil and the industry's slow performance in January and February prompted it to update the forecast it released late last year.
Ford lost $12.6 billion in 2006 and $2.7 billion last year. It has mortgaged assets to continue operations and expects to burn up $12 billion to $14 billion until 2009, when it plans to return to profitability.
Ford shares rose 16 cents, or 3 percent, to $5.45, in afternoon trading.
AP Auto Writer Tom Krisher in