Ford’s recently appointed CEO, Alan Mulally, has ruled out any alliance with Renault-Nissan, adding that such an alliance would be the “wrong direction” for Ford. Renault-Nissan’s talks with GM recently collapsed but it was still keen to have a North American partner.

Mulally has stated that he would prefer concentrating on the Way Forward restructuring plan instead of any alliance in an interview with AutoWeek.

"The most important thing we need to do is remove complexity and complication and enhance focus and clear visibility on the plan and the status against the plan," Mulally said. "And, boy, linking up with somebody, just to me, would take us in the awfully wrong direction."

Ford is still reeling after its shock $5.8 billion loss for Q3, its largest in 14 years.