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Ford Motor Co. (F) said it can survive 2009 without needing federal aid, even if the new vehicle selling rate in the U.S. drops to 9 million units.

Ford executives, speaking to analysts Wednesday in New York, said they are counting on $2 billion in Department of Energy funding and a western Europe selling rate of between 12.5 million and 13.5 million cars and trucks to help offset the slumping U.S. rate.

Details of the meeting were reported in a research note published by Barclays Capital analyst Brian Johnson Thursday.

Johnson said he is "increasingly comfortable" Ford will be able to meet its minimum cash requirements and will finish the year with $14.5 billion. However, he places the Dearborn, Mich.-based auto maker's equity value at $1.

"Although Ford's prospects appear to be improving, we continue to model losses in 2009 in all regions except South America," Johnson said. "In particular, we estimate a $5.2 billion loss in North America."

A Ford spokesman wasn't immediately available for comment.

Ford has been quickly locking in cost-cutting efforts with its unions and executives in an effort to control expenses amid the global automotive sales slowdown. Ford has not yet accessed low-interest loans from the U.S. Department of Treasury unlike its competitors, General Motors Corp. (GM) and Chrysler LLC.

Ford has also applied for $10 billion in Department of Energy funds to boost its fuel-efficiency research and development. The auto maker told analysts it expects to receive $2 billion of that money sometime this year.

The U.S. selling rate at the end of March stood at 9.8 million vehicles. Ford sales analysts George Pipas has said the number actually finished in the low 9-million range, excluding the selling of vehicles to fleet operators.

Ford shares rose 35 cents or 8.3% to $4.28 in earlier trading Thursday.

-By Jeff Bennett; Dow Jones Newswires; 248-204-5542; jeff.bennett@dowjones.com