New York  - Despite record losses, the chief of Ford Motors, Alan Mulally, earned 13.6 million dollars in 2008 but has agreed to a huge salary cut for this and next year, Ford motor company said Tuesday.

The 2008 income included 2 million dollars in regular salary plus long-term stock options, the country's second largest car producer said. That amount however was 37 per cent less than the previous year.

Mulally did not receive a bonus for 2008, in contrast to 2007. For the current and next years, he has agreed to a 30-per-cent salary reduction.

Ford reported record losses of 15 billion dollars for 2008 - but still has enough cash reserves to survive.

Unlike its rivals, giant General Motors and third ranked Chrysler, Ford has not gone begging to Washington for federal funds to stay afloat.

GM and Chrysler have received a lifeline of more than 13 billion dollars. The companies have to be on a viable path to profits by March 31 or the government will demand the money back, which could force bankruptcy on either of the car producers.

Mulally, 63, took the Ford helm in 2006 and has overseen 30 billion dollars in losses for the iconic US automobile producer. The firm projects a return to profits at the earliest in 2011.

Other Ford executives have also taken salary cuts. Four other top Ford managers pocketed a total of 15 million dollars in 2008. (dpa)