[Mark IV]

Actually, GM is in worse shape than Ford.

Ford took it on the chin previously to cut costs and has cut production to avoid having to fire-sale trucks. Ford is sitting on over 27 billion of cash, GM has less than 20 and is running a much higher burn rate (close to a billion a month....). Ford has already arranged credit facilities, GM is now just going to the money market to look for capital.

Ford delayed the production and intro of the 2009 F150 from August to late September to allow dealers to sell-down the 2008 units. In the old days, they would have cranked up the line, shoved product down the dealers gullets and then thrown as much incentive money as it took to sell 'em at them. Now they will pay the line workers the 90% rate to stay home and let the market adjust.