S&P warned that Ford was particularly vulnerable to steps that GM might take to improve its market share, like the steep employee discounts it offered consumers last summer. But the ratings agency, which warned that GM could be forced to restructure under Chapter 11 protection, said it was not concerned that Ford would have to do so.

One reason, analysts said, is that the Ford family, which controls the company through a special class of stock, would do everything to prevent such a move.

On Monday, Ford's cousins Edsel B. Ford II and Elena Ford looked on as Ford invoked his great-grandfather, Henry Ford, in an effort to encourage Ford employees to be more innovative.

Ford recalled that Henry Ford built his first car in a shed behind his Detroit house, only to realize it was too big to get out the door. Instead, Ford said, his great-grandfather knocked down a wall to drive it out.

"We intend to remind people every day that if you want to build something that's never been built before, you may have to knock down a wall or two," Ford said.

But Wall Street, on the other hand, was looking to Ford for more specifics than the company provided in an hour-long presentation. Ford officials, in fact, said the automaker would no longer issue annual earnings guidance to analysts — a sharp contrast from Ford's past practice of stating its goals in advance.

Indeed, the company said Monday only that it expected to be profitable on its automotive operations in 2008, meaning it would lose money on them this year and next.

Mark Fields, recently named president of Ford's operations for the Americas, who was the author of the Way Forward plan, also said that Ford meant to stabilize its declining market share, and eventually gain sales.

But he did not say when that would happen or what share of the American market Ford eventually expected to hold.

Ford's refusal to give more details on its plant closing plans and financial targets was a contrast to the clearly defined outline at Nissan by Ghosn, the Renault executive who took charge of the company in 1999.

Nissan either met or exceeded the goals in three programs outlined by Ghosn, who vowed six years ago to resign if the company could not achieve its targets.

On Monday, Fields said in an interview that he was approaching his job "as if my job is on the line."

"Hopefully if we're successful," Fields added, "I'll share in the rewards, and if not, I'll share in the ramifications."

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E-mail: gkratz@desnews.com