Ford Motor Company is in "really good shape" despite the turmoil facing the auto industry, chief executive officer Alan Mulally said Wednesday.

"We have sized ourselves so we are competitive and we can be profitable," Mulally told reporters on the sidelines of an economic summit in Detroit, Michigan.

Mulally said that while Ford's improved products have been driving its sales, it may have also benefitted somewhat from the fact that rivals General Motors and Chrysler were forced to seek bankruptcy protection.

"People also want to know they're with a company that is viable and is here for the long term," he told reporters.

Unlike GM and Chrysler, Ford has managed to restructure its business and slash structural costs without having to borrow billions from the government. Ford obtained a massive credit line shortly before the credit markets froze last fall and entered the current downturn with substantial liquidity.

Mulally said he has "a lot of compassion for what our competitors are going through" and said the government's decision to provide support to GM and Chrysler was the right thing to do in order to avoid an economic calamity.