NEW YORK, April 24, 2009 (AFP) - Ford Motor Co. announced Friday it lost US$1.4 billion (S$3 billion) in the first quarter, and said its restructuring was on track to achieve "breakeven or better" results by 2011.

"Our results in the first quarter reflected the extremely difficult business environment and weak demand for autos around the world," said Ford president and chief executive Alan Mulally.

"Despite the challenges, Ford made strong progress on our transformation plan by gaining share with strong new products, slowing operating-related cash outflows, reducing outstanding debt, lowering our structural costs and reaching new agreements with the UAW (United Auto Workers)."

The automaker is the only member of the Detroit Big Three, which includes Chrysler and General Motors, that has not received emergency government aid.

Ford said it "remains on track to meet or beat its financial targets based on current planning assumptions, including the target for its overall and North American Automotive pre-tax results to be breakeven or better in 2011, excluding special items."