Apparently, because:
"In part because it borrowed $23.5 billion in 2006, before credit markets started to freeze up, and was quicker to sell some of its fringe brands. As a result, Ford had a larger cash cushion."
"Ford mortgaged huge portions of its assets to gain credit in the market before the credit crunch occurred, he said. Ford believed it would gain $16 to $18 billion on the credit market but received $24 billion. The company expected to be profitable again in 2009, but profitability will more than likely have to wait until 2010 (I'm now hearing more like 2011).
Barker said Ford wants General Motors to stay alive because the loss of the giant (GM held 22 percent of the market last year nationally) could hurt the entire industry."
"yesterday (May 11/09) it announced that it would issue 300 million shares of new stock. All of which should remind us that Ford is not in any better shape than its Detroit brethren. However, it has been better-managed, and that trend continues with this equity move, which could raise between $1.5 billion and nearly $2 billion."
Ford lost 1.5 billion in Q1 this year. It has enough cash to let it burn through it for about a year (some point in Q2 or Q3 2010 I guess).